The Robinhood recorded a 112% YoY growth in cryptocurrency trading volumes exceeding $14 billion in Q3 2024.
Popular commission-free trading platform Robinhood released its third-quarter earnings on Wednesday. Robinhood recorded a 112% YoY growth in cryptocurrency trading volumes exceeding $14 billion in Q3 2024.
However, this marked a decline from earlier in the year, reflecting a broader cooling off in trading activity.Robinhood Crypto Trading Volumes Rise, But Momentum Slows
Robinhood reported that its crypto trading volumes grew by 112% year-over-year, reaching $14.4 billion in the third quarter.
This growth highlights the increasing interest in cryptocurrency among retail investors, as crypto remains a key focus for many traders on the platform. However, compared to the previous quarters of this year, the volume has dropped significantly.
In the second quarter, crypto trading volume stood at $21.5 billion and was as high as $36 billion in the first quarter. This means that although there has been a yearly growth, the trading momentum has slowed down throughout 2024.
One possible reason for this decline could be the waning excitement around certain cryptocurrencies that initially surged earlier in the year.
