The world of cryptocurrency exchanges, often clouded with volatility and competition, has recently been witnessing a distinct shift in dynamics, particularly as a Kraken is taking the lead in the US altcoin trading space.<\/p>\n
The latest data reveals<\/a> Kraken, the California-based crypto exchange, is now dominating its rivals, specifically Coinbase, in the altcoin market.<\/p>\n Data analytics from crypto research firm Kaiko has highlighted Kraken\u2019s emergence as the premier US crypto exchange<\/a> for altcoin trading. With significant shifts in market depth percentages and a notable increase in market share, Kraken appears to be carving out a niche for itself in an otherwise volatile industry.<\/p>\n In July, Kraken emerged as the most liquid platform for alts in the US. \u2014 Dessislava Ianeva (@DessislavaIane2) August 9, 2023<\/a><\/p>\n Market depth is a crucial metric for crypto exchanges as it represents an exchange\u2019s capability to manage large buy or sell orders without causing drastic price changes<\/a>. And according to recent data from Kaiko, Kraken now commands roughly 47% of the market depth for the top 10 altcoins.<\/p>\n This dominance, especially in the wake of the previous year\u2019s price drop and the unfortunate collapse of FTX, underscores the resilience Kraken has brought to the altcoin trading sector.<\/p>\n While the entire crypto trading industry has been grappling with declining trading volumes, Kraken has managed to hold its own. A steady uptick in its market share<\/a> is evident as it jumped from 8.3% in August 2022 to 21.1% in July, according to data from The Block\u2019s dashboard.\u00a0<\/p>\n Kraken reportedly attributes this upward trajectory to a few specific improvements in its offerings. Notably, the introduction of Kraken Pro, their advanced trading platform which rolled out in December, is believed to be a pivotal move.<\/p>\n A spokesperson for the crypto exchange\u00a0elaborated<\/a> on the exchange\u2019s recent performance, pointing out that their \u201cshare of total volumes has hit an 18-month high.\u201d <\/p>\n Furthermore, there\u2019s been a significant surge in their share of EUR spot markets, rising from 35% to 53%, and the AUD spot markets have seen exponential growth, multiplying sixfold over the past year.<\/p>\n Despite the laudable progress, it\u2019s crucial to note that Kraken, like many others in the industry, has felt the effects of the industry-wide decline in trading volumes. Their monthly trading volumes<\/a> have seen a dip from a high of $28.07 billion in March to $13.6 billion in the previous month.<\/p>\n Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The world of cryptocurrency exchanges, often clouded with volatility and competition, has recently been witnessing a distinct shift in dynamics, particularly as a Kraken is taking the lead in the US altcoin trading space.<\/p>\n The latest data reveals<\/a> Kraken, the California-based crypto exchange, is now dominating its rivals, specifically Coinbase, in the altcoin market.<\/p>\n Data analytics from crypto research firm Kaiko has highlighted Kraken\u2019s emergence as the premier US crypto exchange<\/a> for altcoin trading. With significant shifts in market depth percentages and a notable increase in market share, Kraken appears to be carving out a niche for itself in an otherwise volatile industry.<\/p>\n In July, Kraken emerged as the most liquid platform for alts in the US. \u2014 Dessislava Ianeva (@DessislavaIane2) August 9, 2023<\/a><\/p>\n Market depth is a crucial metric for crypto exchanges as it represents an exchange\u2019s capability to manage large buy or sell orders without causing drastic price changes<\/a>. And according to recent data from Kaiko, Kraken now commands roughly 47% of the market depth for the top 10 altcoins.<\/p>\n This dominance, especially in the wake of the previous year\u2019s price drop and the unfortunate collapse of FTX, underscores the resilience Kraken has brought to the altcoin trading sector.<\/p>\n While the entire crypto trading industry has been grappling with declining trading volumes, Kraken has managed to hold its own. A steady uptick in its market share<\/a> is evident as it jumped from 8.3% in August 2022 to 21.1% in July, according to data from The Block\u2019s dashboard.\u00a0<\/p>\n Kraken reportedly attributes this upward trajectory to a few specific improvements in its offerings. Notably, the introduction of Kraken Pro, their advanced trading platform which rolled out in December, is believed to be a pivotal move.<\/p>\n A spokesperson for the crypto exchange\u00a0elaborated<\/a> on the exchange\u2019s recent performance, pointing out that their \u201cshare of total volumes has hit an 18-month high.\u201d <\/p>\n Furthermore, there\u2019s been a significant surge in their share of EUR spot markets, rising from 35% to 53%, and the AUD spot markets have seen exponential growth, multiplying sixfold over the past year.<\/p>\n Despite the laudable progress, it\u2019s crucial to note that Kraken, like many others in the industry, has felt the effects of the industry-wide decline in trading volumes. Their monthly trading volumes<\/a> have seen a dip from a high of $28.07 billion in March to $13.6 billion in the previous month.<\/p>\n Featured image from Unsplash, Chart from TradingView<\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28106","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28106"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28106\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28106"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Dominating The Altcoin Trading Landscape<\/h2>\n
\n Its claiming almost half of the market depth for the top 10 alts. pic.twitter.com\/2fumt7yi9a<\/a><\/p>\nBehind Kraken Ascendancy<\/h2>\n
Dominating The Altcoin Trading Landscape<\/h2>\n
\n Its claiming almost half of the market depth for the top 10 alts. pic.twitter.com\/2fumt7yi9a<\/a><\/p>\nBehind Kraken Ascendancy<\/h2>\n