PANews reported on December 17 that according to Cointelegraph, the transformation of the crypto market in the fourth quarter has allowed the industry to compete with Wall Street for dominance in terms of performance in 2024. Coinbase, in particular, has performed outstandingly, and its exchange revenue currently ranks fifth in the world. Data confirms that in the past 12 months, Coinbase's revenue reached US$5.75 billion, surpassing Nasdaq and the Chicago Board Options Exchange (CBOE). Jamie Coutts, chief cryptocurrency analyst at investment firm Real Vision, said on December 17 that cryptocurrencies are eroding the share of traditional finance (TradFi).

Furthermore, Coinbase generates 11% of global exchange revenues, more than double the share of the decentralized exchange (DEX) sector combined, even though the latter is still expanding rapidly. “Of course, these comparisons are not completely apples to apples (i.e. fees equal revenue), but the point is that this sector has been hit hard by regulatory neglect and/or punishment and is now poised to regain a higher rating,” Coutts concluded.