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- OKX experienced an 85% increase in the volume over the largest exchange of the United States by volume.
- Coinbase and OKX generated approximately $751.38 billion in volume in combination since the total volume of the exchanges were down in February.
- The trading in stablecoins proved fruitful for OKX but detrimental for Coinbase.
In February, Coinbase exchange continued its downfall while OKX exchange experienced an 85% volume surge over the largest exchange of the United States by volume.
February was a rough patch for the crypto products, hitting various sectors strongly, with exchanges also experiencing the wrath.
OKX and Coinbase generated around $751.38 billion in volume together. These figures are low because of the combined volumes of several exchanges since the total volume of both exchanges was down in February. In going from January to February, the volume experienced a 15% decrease, $134.38 billion.
Coinbase’s monthly high wiped off by over $160 billion.
In May 2021, when the market was at peak and coins such as ETH were at their ATHs, several exchanges, including Coinbase, achieved new milestones in volume. According to Be[In] Crypto research, the total volume for Coinbase was around $255 billion.
On Dec 31, 2021, around $108.51 billion was cut off from May’s high as the fall in the price of digital assets started from the third quarter of 2021 and continued till the end of the year.
A whopping $162.91 billion was wiped off Coinbase Exchange’s monthly high in May of last year as a bearish trend approached the market in February 2022.
Meanwhile, OKX experienced a year-on-year monthly rise for February, contrary to the misfortunes of Coinbase. It witnessed $562.81 billion in volume recorded last year, with the figure in 2022 surging by 16.97%.
Cryptocurrency exchange users prefer OKX Over Binance.
Binance still holds the position of the largest cryptocurrency market as of March 2022. However, the statistics of Be[In]Crypto research shows that OKX turned out to be the clear favorite over Binance.
Negative Sentiments behind monthly volume declines
Due to the bearish outlook of the market, the trading volumes of Binance and Coinbase failed to reach the highs of 20221. However, exchanges such as OKX experienced year-on-year monthly growth.
2022 has witnessed a new recovery of the crypto market from the lows it faced at the end of last year. The NFT craze in 2021 laid a solid foundation in the crypto space, leading to high demands for digital assets such as ETH. However, it wasn’t the same for NFT marketplaces such as NBA Topshots, which continued to witness monthly volume declines.
Above mentioned factors acted as the key factors in boosting the crypto market in 2021, leading to increased demand for crypto by investors and traders.
However, there are many positives among the largely negative sentiments of the market, such as the trading of stablecoins such as USDT increased. Trading of stablecoins secures holdings to suffer from large percentage loss. This proved to be detrimental for Coinbase, however, it increased the volume of OKX significantly in 2022.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
