cryptonewsland.com
- HTX Global, previously Huobi, ranked second in global cryptocurrency spot trading with a trust score of 10/10 and a 24-hour trading volume of $2.7 billion, only surpassed by Binance.
- The launch of spot Ethereum ETFs saw significant market activity, with total trading volumes surpassing $1 billion on their first trading day.
- HTX outperformed major exchange Coinbase in spot trading volume, demonstrating its competitive growth and increasing trust within the cryptocurrency trading community.
HTX Global, previously known as Huobi, has recently secured second in the global rankings for cryptocurrency spot trading. This achievement was highlighted by CoinGecko data, which evaluated 219 cryptocurrency exchanges worldwide. HTX Global distinguished itself with a trust score of 10/10 and reported a 24-hour trading volume of $2.7 billion, following Binance, which topped the list with a trading volume exceeding $13.1 billion.
For the first time, HTX @HTX_Global is ranked second 🥈 globally in spot trading. This is just the beginning! We will continue to work hard! 💪 pic.twitter.com/mdfzBxdhyG
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) July 24, 2024
HTX exchange, led by Tron Network founder Justin Sun, had surpassed major player Coinbase in spot trading volume in May, marking a significant stride in its competitive positioning. During that time, HTX recorded a remarkable $2.05 billion in 24-hour spot trading volume, outperforming Coinbase’s $1.5 billion. This milestone represented the first occasion when the Justin Sun-led exchange outperformed Coinbase.
Performance of Other Major Exchanges
Other leading exchanges, such as OKX, Coinbase, Kraken, and Kucoin, featured prominently within the same trust score bracket of 10/10. The trust scores for the remaining exchanges ranged from 9/10 to 1/10, indicating a varied level of user trust across the spectrum. This distribution underscores the diverse nature of the cryptocurrency exchange landscape, where operational excellence, user security, and volume handling capacity play crucial roles in determining the trustworthiness and ranking of these platforms.
Launch and Impact of Spot Ethereum ETFs
The new rating for HTX corresponds with the launch of spot Ethereum ETFs in the cryptocurrency market, which the US Securities and Exchange Commission has approved. On their first trading day, these ETFs saw tremendous activity, with total trading volume exceeding $1 billion and net inflows of $107 million.
Other notable ETFs witnessed large investments, including the Bitwise Ethereum ETF (ETHW), which received over $200 million in inflows, and the Fidelity Ethereum ETF (FETH), which had over $70 million.
Although the Grayscale Ethereum Trust (ETHE) had a less positive impact, the overall market reaction was extremely positive. Other investment firms, including Invesco, 21Shares, VanEck, and Franklin, reported strong inflows, indicating widespread interest in these new products.
This development is consistent with earlier patterns in creating similar financial products, such as the Grayscale Bitcoin Trust (GBTC). The successful launch of these ETFs may lead to other developments and products in the crypto-financial sector, influencing the future of bitcoin investment.