An analyst says Coinbase is 'well positioned' to capture derivatives market share.
Binance currently dominates the crypto market in terms of trading volume. Its spot market has racked up $6 billion in volume compared to Coinbase's $1.2 billion, for derivatives, meanwhile, Binance generated $32 billion in trading volume over the past 24-hours, equating to around $9.6 million in daily revenue from trading fees.
"Regarding Coinbase, I do think that it's well positioned to capture significant market share," Carey said."Given Binance's recent troubles it stands to reason that larger traders and institutions may be skittish to hold significant funds on the exchange. On the other hand, Coinbase is one of the most trusted exchanges, which sets them up nicely."
Coinbase's share price rose by 5.09% on Thursday, suggesting renewed optimism amongst investors as the Nasdaq-listed exchange adds another revenue stream to its arsenal.
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