As a seasoned analyst with over two decades of experience in traditional finance and technology, I must say that the data presented here is nothing short of astounding. The fact that Coinbase, a cryptocurrency exchange, is outperforming the venerable Nasdaq in terms of revenue is a testament to the rapid growth and transformation of the crypto markets.
2024 data indicates that Bitcoin and digital currency trading platform Coinbase are outpacing NASDAQ in terms of earnings.
Data uploaded by Jamie Coutts, the chief cryptocurrency analyst at Real Vision on December 17th, indicates that the projected annual exchange income is approaching approximately $6 billion over a 12-month period.
“Wild” data shows 2024 crypto trading explosion
As an analyst, I’ve observed a remarkable shift in the crypto markets during the last quarter of 2023, positioning the sector as a formidable contender against Wall Street in terms of projected growth for the year 2024.
Coinbase, in particular, stands out, with its exchange revenue currently ranked fifth in the world.
Over the last year, Coinbase’s earnings have surpassed $5.75 billion, exceeding the revenues of both the Nasdaq and CBOE as the figures show.
“This is wild,” Coutts wrote while prefacing the numbers.
“Crypto is eating TradFi’s lunch.”
Approximately 11% of worldwide exchange income is produced by Coinbase, which is over twice as much as the rapidly growing decentralized exchange (DEX) market’s total earnings combined.
“CEX and DEXs are growing 2.5-4x faster than TradFi,” Coutts summarized.
Moving ahead, it’s expected that the conventional financial sector will intensify competition from 2025. Meanwhile, Decentralized Finance (DeFi) protocols might outperform significant cryptocurrencies like Bitcoin and Ethereum (ETH), potentially delivering higher returns.
Clearly, the comparisons aren’t always identical (meaning fees aren’t equal to revenues), but the key takeaway is that this industry has suffered due to negligence or harsh treatment by regulators and is poised for an upward adjustment in valuation,” Coutts summarized.
Over the last three months, the value of Coinbase’s stock has nearly doubled, placing it among a select group of investments that have outperformed even Bitcoin itself, as indicated by information from CryptoMoon Markets Pro and TradingView.
US Bitcoin ETFs beat gold
According to CryptoMoon’s updates, the forthcoming Trump administration has expressed a number of intentions towards fostering and potentially endorsing cryptocurrencies.
Previously, President-elect Donald Trump expressed his intention to maintain strong positions regarding China on this matter. Additionally, recent speculations about a strategic Bitcoin reserve stirred fresh discussions during the weekend.
The growing enthusiasm for Bitcoin among institutions is evident, as over $600 million was invested into U.S. Bitcoin exchange-traded funds (ETFs) on December 16th.
Since November 27th, there has been a consistent flow of more money coming in than going out, as verified by data from the U.K.-based investment firm, Farside Investors.
According to Vetle Lunde, who is the head of research at K33 Research, it was revealed on December 16th that Exchange-Traded Funds (ETFs) focused on cryptocurrencies in the United States have surpassed the value of gold ETFs in terms of assets under management.
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2024-12-17 14:40