Kraken, a cryptocurrency trading platform, has overtaken its competitor Coinbase to claim the top spot as the most liquid exchange for altcoins in the United States for July.
Dessislava Laneva, a research analyst at crypto data platform Kaiko, shared in a tweet that Kraken had secured a substantial 47% market depth for the top 10 altcoins by the close of July. This is a significant shift from January 2023, when Kraken held just 39% of the market depth for altcoins, and Coinbase led with 45%. Meanwhile, Binance.US, the U.S. branch of the world’s largest crypto exchange Binance, held a 7% market share, with a combined 9% among six other platforms.
However, a comprehensive analysis conducted by researchers at Kaiko unveiled that Kraken’s market share has surged to 47%, positioning Coinbase at 41%, Binance.US at 1%, and the remaining exchanges at 10%. This transition signifies that Kraken now possesses a greater capacity to absorb substantial market orders without causing significant fluctuations in the altcoin’s price.
In addition to its expanding market depth, Kraken’s prominence among platforms facilitating USD deposits has also observed notable growth. The exchange’s share in the EUR spot market has risen from 35% to an impressive 53%. Furthermore, Kraken’s AUD spot market has witnessed an astounding sixfold increase over the past months.
While Kraken enjoys considerable advancement in its digital asset market share, Coinbase has grappled with regulatory obstacles in recent times, potentially leading to a decrease in its trading volumes. The U.S. Securities and Exchange Commission took legal action against Coinbase in early June, levying multiple allegations, including unregistered broker operations, securities exchange activities, and clearing agency functions.
Brian Armstrong, CEO of Coinbase, recently disclosed that the Commission had mandated the suspension of trading in all altcoins due to their classification as securities, thus violating federal regulations.
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