In the present times, the financial industry that is experiencing the best time in its history is none other than the cryptocurrency industry. Back in 2009, when the cryptocurrency was first launched, it wasn’t even worth a dollar.
In those times, when the cryptocurrency industry started getting picked up by users, even a few hundred dollars meant a lot of the industry. However, as the industry started getting picked up and adopted, its trading volume and market capitalization started growing as well.
With the passage of time, few hundred dollars changed to thousands, then millions. At present, the daily trading volumes for the entire cryptocurrency industry are worth several billion. This is mainly because the cryptocurrency industry got picked up by the mainstream and retail institutions.
Now, cryptocurrencies are not a tool for mining, collecting, or commodity, they have also become payment methods. There are several companies around the world that are trying to find different uses for cryptocurrencies and blockchain technology.
No matter the developments, things are just getting better for cryptocurrencies and their worth is increasing by the day. At present, almost everyone in the entire world wants to get their hands on cryptocurrencies.
There are many who are not sophisticated enough to mine cryptocurrencies and this is the reason why they go for alternatives that are to acquire cryptocurrencies through cryptocurrency exchanges.
Since 2009, cryptocurrency exchanges are the very reason why cryptocurrencies have gained so much adoption and value in the markets. These entities have worked really hard to bring in more exposure to cryptocurrencies so the investments and profits in the industry could be increased.
At present, there are thousands of cryptocurrency exchanges from around the world transacting billions in trades. However, there are some major cryptocurrency exchanges that account for the majority of the trades flowing through the industry.
One such exchange is Coinbase, which is among the top 5 cryptocurrency exchanges in the entire world. The America-based cryptocurrency exchange has recently shared its financial results for the 1st quarter of the year 2021.
In the report, Coinbase has claimed that it currently has more than 56 million active/verified users on its platform. The exchange also revealed in the first quarter of the year 2021, its total trading volume was more than $335 billion. On average, Coinbase claims that it has observed a daily trading volume of around $3.72 billion in the first quarter of 2021.
The revenue team from Coinbase has also revealed that the exchange has made a revenue of $1.8 billion in the first quarter of the year 2021.
Furthermore, the exchange has reported that the crypto assets on its platform have now reached $223 billion. Quite surprisingly, the $223 billion figure translates to almost 11% of the entire market capitalization of cryptocurrencies.