According to Kaiko, Kraken is becoming the most liquid altcoin exchange within the US

According to Kaiko, Kraken is becoming the most liquid altcoin exchange within the US

A groundbreaking change has just taken place in the altcoin trading field, where California-based cryptocurrency exchange Kraken is emerging as the absolute leader in the United States, leaving behind competitors including the famous Coinbase. The essence of this transformation is Kraken’s transformation into a dominant force, gaining around 50% market share among the top ten altcoins.

Kraken dominates the US market

The notion of market depth, analogous to the market’s ability to smoothly absorb significant buy or sell orders without affecting asset valuations, is at the heart of this monumental change. This fundamental principle takes on crucial importance, especially after the tumultuous price declines and catastrophic crash of the FTX stock market.

Kraken emerges from the aforementioned turmoil unshaken, with its rigging developed toward new horizons, strengthened not only by the aforementioned expanded market depth in the altcoin space, but also by its continued ascendancy among exchanges facilitating USD trading. The past year has witnessed a steady increase in Kraken’s share among exchanges accepting USD deposits, reaching an impressive 21.1% in July 2023, up from 8.3% in August 2022. This achievement has not been halted by the general decline in trading volumes that has gripped the industry as a whole.

Kraken Pro conquers the cryptocurrency market

A Kraken spokesperson attributes these “exemplary results” to the fruit of their extensive range of offerings, with a special nod to the revolutionary Kraken Pro. This advanced trading platform debuted in December, demonstrating Kraken’s firm commitment to pushing innovation and excellence to new heights.

“Our activity in total volume has reached its peak in the last 18 months. It is noteworthy that our presence in the EUR spot markets increased from 35% to an astonishing 53%. Equally astonishing is the growth of AUD spot markets, which have increased sixfold over the past year,” the spokesman announced.

Despite the relative weakness of the cryptocurrency sector, Kraken is steadily gaining

It is worth considering that Kraken, like its industry competitors, has not remained immune to the widespread trend of declining trading volumes. Monthly trading volumes experienced a noticeable decline, falling from a zenith of $28.07 billion in March to $13.6 billion last month, an undeniable testament to the complexities and challenges that accompany cryptocurrency trading.

All in all, the stage is set for Kraken to claim the crown of liquidity and dominance. Already, nearly 50% of trading in the top ten altcoins in the US, takes place on this platform. Mobilization should therefore continue in the competing camps, so that the upcoming bull market, does not turn out to be disappointing for them.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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