While Kraken records significant growth in its market share, Coinbase has faced regulatory challenges in recent months, possibly the reason for the decline in its volumes.
Cryptocurrency trading platform Kraken dethroned its rival Coinbase to become the most liquid United States exchange for altcoins in July.by Dessislava Laneva, a research analyst at crypto data platform Kaiko, by the end of July, Kraken had claimed 47% of the market depth in the US for the top 10 altcoins.As of January 2023, Kraken had only a 39% share of the market depth of altcoins, while Coinbase had 45%. At the same time, Binance.
Besides Kraken’s growing market depth, the exchange’s market share among platforms supporting USD deposits has also increased recently. Data from The Block’s USD Support Exchange Volume dashboard Kraken’s share of the EUR spot market has soared to 53% from 35%, and the exchange’s AUD spot market has also multiplied by six times in the past months, per the spokesperson.
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