Behind The Numbers: The Real Market Value Of Leading Crypto Exchanges
Calculation of top cryptocurrency exchanges’ market capitalisation and virtual value.
Have you ever wondered how much your favourite crypto exchange is really worth?
The majority of crypto operators are non-public, i.e., they are not listed on stock. Nevertheless, there is but one crypto exchange, whose net worth is publicly available – Coinbase.
This leads to a logical question: can the worths of other exchanges be calculated in relation to Coinbase’s, since its value is known?
For the first time ever, the analysis is diving deep into the approaches to answer this burning question, using pure arithmetical evaluation and a full-fledged estimate of both tangible and intangible metrics.
Disclaimer: the article is presenting a possible logic that may or may not be utilised in calculating the exchanges’ virtual capitalisations. While based upon verified data, Coinbase is discussed and compared to performance of non-public excanges, with extensive market speculation throughout, hence, the results of the calculation do not represent the factual exchanges’ market capitalisation and value.
Note: the data below, as well as the basis for the Exchanges’ Trust and Value Index, is relevant as of November 20, 2024.
Ratioed Evaluation of Exchange’s Virtual Capitalisation
As of November 20, 2024, the market cap of Coinbase totalled $81.26 billion.
One of the approaches to attempt a calculation of a metric that is proposed to be entitled as the cryptocurrency exchange’s Virtual Capitalisation – counting up ratios for the core exchange’s metrics that best represent its net worth in comparison with Coinbase:
- Average daily trading volume;
- Web traffic;
- User count;
- Exchange token’s market capitalization.
To carry out the formula, the research segments 7 popular cryptocurrency exchanges, differing in size and potential value:
- Binance
- Bybit
- OKX
- Kraken
- WhiteBIT
- Gate.io
According to the data and information from CoinGecko, CoinGlass, SimilarWeb, and exchanges’ official statements, the following statistic is …
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