Right now Coinbase is trading around 350 making it worth about 100B, the total value of bitcoin is about 1.000B and all cryptocurrencies that are tradeable on Coinbase is maybe 1.500B.
So the ratio between the value of the exchange is about 1/10 - 1/15 of the total value of the market it trades. (For comparison take say Interactive Broker's market value to the market value of the total stock market.)
And Coinbase far from the only exchange out there. With this valuation I bet the value of the exchanges is higher than the value of the total cryptocurrency market.
So the ratio between the value of the exchange is about 1/10 - 1/15 of the total value of the market it trades. (For comparison take say Interactive Broker's market value to the market value of the total stock market.)
And Coinbase far from the only exchange out there. With this valuation I bet the value of the exchanges is higher than the value of the total cryptocurrency market.