According to a recent report by Kaiko, Bybit has surged to become the world’s second-largest cryptocurrency exchange by volume, overtaking Coinbase and closely trailing Binance. This climb is attributed to significant increases in market share following the launch of spot bitcoin exchange-traded funds (ETFs) in the United States. Bybit Climbs Crypto Exchange Ladder The report […]
Bitcoin News
Kaiko Research: Latam Crypto Traders Prefer Stablecoins Over Bitcoin
Kaiko, a leading cryptocurrency market data analytics firm, has found that cryptocurrency users in Latin America prefer stablecoins over bitcoin. In its most recent Latam market report, issued in June, Kaiko determined that 40% of the trading volumes involved Tether’s USDT. This preference exists even though Bitcoin’s proposition includes protection against the currency debasement processes […]
Bitcoin News
Gemini Taps Kaiko for Enhanced Cryptocurrency Derivatives Trading
Kaiko, a prominent player in the crypto data sector, has announced a strategic partnership with Gemini Foundation, the derivatives trading platform of the cryptocurrency exchange, Gemini. This collaboration will see Gemini Foundation utilizing Kaiko’s Benchmark Reference Rates to power its derivatives platform. The partnership aims to enhance the stability and security of Gemini’s platform by […]
Bitcoin News
Hedge Funds Adopt Net Short Positions on BTC and ETH Futures, Kaiko Analysis Reveals
In a recent analysis by Kaiko, it has been found that hedge funds are currently holding net short positions on bitcoin (BTC) and ether (ETH) futures. This strategic move reflects a cautious stance amid fluctuating market dynamics and speculative trading activities. Study Shows Hedge Funds’ Net Short Positions in Bitcoin and Ether Futures Amid Market […]
Bitcoin News
Kraken Surges Ahead In Altcoin Liquidity To Overtake Coinbase In US: Kaiko
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.
The latest data reveals Kraken, the California-based crypto exchange, is now dominating its rivals, specifically Coinbase, in the altcoin market.
Dominating The Altcoin Trading Landscape
Data analytics from crypto research firm Kaiko has highlighted Kraken’s emergence as the premier US crypto exchange 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.
In July, Kraken emerged as the most liquid platform for alts in the US.
Its claiming almost half of the market depth for the top 10 alts. pic.twitter.com/2fumt7yi9a
— Dessislava Ianeva (@DessislavaIane2) August 9, 2023
Market depth is a crucial metric for crypto exchanges as it represents an exchange’s capability to manage large buy or sell orders without causing drastic price changes. And according to recent data from Kaiko, Kraken now commands roughly 47% of the market depth for the top 10 altcoins.
This dominance, especially in the wake of the previous year’s price drop and the unfortunate collapse of FTX, underscores the resilience Kraken has brought to the altcoin trading sector.
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 is evident as it jumped from 8.3% in August 2022 to 21.1% in July, according to data from The Block’s dashboard.Â
Behind Kraken Ascendancy
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.
A spokesperson for the crypto exchange elaborated on the exchange’s recent performance, pointing out that their “share of total volumes has hit an 18-month high.”
Furthermore, there’s 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.
Despite the laudable progress, it’s 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 have seen a dip from a high of .07 billion in March to .6 billion in the previous month.
Featured image from Unsplash, Chart from TradingView