HTX Surpasses Coinbase in Trading Volumes
3 min read
HTX Surpasses Coinbase in Trading Volumes
Cryptocurrency trading platform HTX, previously known as Huobi, has recently overtaken the U.S.-based exchange Coinbase in terms of spot trading volume. Tron founder Justin Sun, who acts as an advisor to HTX and holds significant assets on the platform, announced on May 27 that HTX had surpassed Coinbase in spot trading volume for the first time. Sun, in his post, conveyed that this milestone for HTX marks only the beginning of their growth journey, citing data from the crypto data aggregator CoinGecko.
Based on CoinGecko’s information, HTX is processing about $2.4 billion in spot trading volume daily. This achievement places HTX as the fourth-largest cryptocurrency exchange globally, trailing behind Binance, Bybit, OKX, and Gate.io. In contrast, Coinbase manages around $2 billion in daily spot trading volume, falling behind both HTX and the Bitrue exchange. This insight from CoinGecko is consistent with data from another prominent cryptocurrency tracking website, CoinMarketCap.
Efforts to obtain comments from both HTX and Coinbase regarding the recent changes in their trading volumes proved futile as no responses were received at the time of publication. The ascent of HTX in trading volume rankings comes at a time when Coinbase is grappling with numerous legal issues within the United States. The legal hurdles for Coinbase began with a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC) in June 2023. Since then, Coinbase has been attempting to defend itself against these allegations.
The legal challenges for Coinbase continued to intensify in March 2024 when a U.S. court denied the exchange’s motion to dismiss the SEC’s lawsuit. This decision allows the regulator to move forward with its case, which claims that Coinbase operates as an unregistered exchange, broker, and clearing agency. Recently, on May 24, Coinbase took another step in its legal battle by filing a memorandum in support of its interlocutory appeal, aiming to challenge a specific ruling in the ongoing litigation.
HTX, which stands as one of the largest and oldest cryptocurrency exchanges worldwide, celebrated its 10th anniversary in September 2023 by rebranding from Huobi to HTX. This rebranding decision sparked controversy within the crypto community. Many enthusiasts and experts drew comparisons between the new HTX name and the infamous FTX exchange, whose collapse had sent shockwaves through the industry.
The rebranding of HTX carries significant symbolism: the “H” represents the first letter of Huobi, a nod to its heritage, while the “T” signifies Sun’s blockchain project Tron. The “X” in the name stands for the term “exchange,” encapsulating the platform’s primary function. Despite the criticism, HTX aims to carve out its distinct identity in the competitive and rapidly evolving cryptocurrency market.
As HTX continues to rise in the ranks, it reflects broader trends and shifts within the crypto exchange landscape. The fluctuating positions of exchanges like HTX and Coinbase underscore the dynamic nature of the market, where regulatory pressures, technological advancements, and strategic rebranding efforts play pivotal roles.
The progress of HTX in overtaking Coinbase could signal a shift in user preferences and market behavior, potentially driven by trust, technological innovation, and service offerings. It also highlights the increasing competition among global exchanges as they strive to capture a larger share of the burgeoning crypto trading market.
Moving forward, it remains to be seen how HTX will maintain its momentum and whether it can consistently stay ahead of its competitors. Similarly, Coinbase’s ongoing legal battles and strategic responses will likely shape its future trajectory in the crypto trading landscape.
I can’t believe people trust HTX after rebranding from Huobi. The name change just feels like they’re hiding something.
HTX reaching the fourth-largest spot is a testament to their hard work and innovation. 👏🌐
Great, just what we needa shady exchange overtaking another one thats drowning in legal woes. Cryto landscape is a mess.
HTX climbing the ranks in the crypto world! Way to go! 🎉👏
Kudos to HTX for overtaking Coinbase in spot trading volume. Outstanding work!
HTX is definitely shaking things up in the crypto space. Kudos on the achievement!
The success story continues with HTX! Big milestone, bigger aspirations ahead.
Rebranding from Huobi to HTX? Ugh, sounds like a PR stunt to divert attention from problems. Just not buying it.
Another win for Justin Sun and the HTX team! Amazing progress!
So now Justin Sun is touting about HTX surpassing Coinbase? Doesnt change the fact that this platform is still sketchy.
Id rather stick with my Coinbase account despite their legal issues than jump ship to HTX. Better the devil you know.
HTX surpassing Coinbase shows their growing trust and innovation. Excited for the future!
HTX might be celebrating now but lets not forget their sketchy past. Just another exchange waiting to blow up?
From Huobi to HTX, the growth is real. Congrats on achieving this milestone!
Seriously, enough with Justin Sun hyping HTX. Proves nothing about credibility or trust. Smoke and mirrors if you ask me.
Is it just me, or does HTXs rise reek of insider manipulation? Winning the numbers game doesnt mean real trust.
Seeing HTX’s growth and success is truly inspiring. Keep climbing higher!
Congrats to HTX for overtaking Coinbase. Too bad their trustworthiness is still highly questionable.
Not sure what’s worse, the SEC coming after Coinbase or having to trust HTX. Both seem like a lose-lose situation. 🏴☠️⚖️
HTX’s achievement marks a significant shift in the crypto exchange landscape. Bravo!
HTX might be growing, but their user base should remember the FTX disaster. Looks like history repeating itself with all these rebrands.
HTX’s rapid rise is a testament to their strategy and innovation. Way to go!
HTX hitting that $2.4 billion daily trading volume is insane! Well-deserved recognition.
Absolutely amazing! HTX reaching this milestone sets them up for more success!
HTX rebranding did nothing to quell my doubts. It’s just putting lipstick on a pig. Still the same old shady exchange.
From rebranding controversy to new heights, HTX’s journey is nothing short of remarkable. 📈🌐
This is just the beginning for HTX, can’t wait to see where they go next! 🌠📈
Everyone’s celebrating HTX, but lets not forget their awful reputation when they were Huobi. Rebranding didnt change that.
Justin Sun making waves again! HTX surpassing Coinbase is incredible.
Incredible to see HTX grow! From Huobi to the top ranks amazing journey!
Exciting times for HTX! This milestone is proof of their growing influence.
Hats off to HTX for their outstanding achievement! Definitely a game-changer.
HTX’s rise is impressive and inspiring. Keep up the phenomenal work!
This milestone for HTX is just the beginning. Congrats on the progress! 🌠📊
Sure, HTX overtook Coinbase, but at what cost? With their shady background and rebranding, I wouldn’t trust my assets there.
Wow, congrats HTX! Overtaking Coinbase in spot trading volume is HUGE!
Impressive milestone for HTX! Looking forward to seeing more growth! 💪📈
From Huobi to HTX, what an incredible transformation and achievement!
Congrats to HTX for surpassing Coinbase! The crypto market is always exciting!
Go HTX! Surpassing Coinbase is a huge feat. Shows the dynamic nature of crypto. 🧐😎
Justin Sun’s involvement makes me even more skeptical. When is the crypto community going to learn from past mistakes?