Cryptocurrency trading platform Kraken claims largest US market depth for altcoins
Kraken has surpassed Coinbase to become the most liquid US exchange for altcoins, with a market depth of 47% for the top 10 altcoins. In contrast, Coinbase now holds a market depth of 41%. Kraken’s ability to absorb large market orders without impacting altcoin prices significantly has contributed to its growth. Additionally, Kraken’s market share among platforms supporting USD deposits has risen from 14.78% in January to 21.1% in July. This growth is attributed to the launch of Kraken Pro and the enhancement of its offerings. While Kraken flourishes, Coinbase faces regulatory challenges, including a lawsuit from the US Securities and Exchange Commission, resulting in a decline in volumes.
Key Points:
- Kraken claims 47% of the market depth in the US for the top 10 altcoins, surpassing Coinbase.
- Kraken’s market share has increased from 39% to 47%, while Coinbase’s market share has decreased from 45% to 41%.
- Kraken’s growing market depth allows it to absorb large market orders without significantly impacting altcoin prices.
- Kraken’s market share among platforms supporting USD deposits has risen from 14.78% to 21.1%.
- Coinbase faces regulatory challenges, including a lawsuit from the US Securities and Exchange Commission.
Hot Take:
Kraken’s rise to become the most liquid US exchange for altcoins reflects its successful launch of Kraken Pro and the enhancement of its offerings. The platform’s ability to absorb large market orders without affecting altcoin prices significantly has attracted crypto traders. On the other hand, Coinbase’s regulatory challenges, including the lawsuit from the US Securities and Exchange Commission, have led to a decline in its volumes. As the competition among cryptocurrency exchanges intensifies, Kraken’s consistent growth positions it as a strong contender in the market.
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