- Kraken has surpassed Coinbase in altcoin transactions, according to a study by crypto research firm Kaiko.
- Market depth for the top 10 altcoins at Kraken reached 47%, surpassing Coinbase’s 41%.
- The launch of Kraken Pro, an advanced trading service, is a significant factor in this growth.
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In a recent study by Kaiko, a cryptocurrency research firm, it was revealed that Kraken has overtaken Coinbase in altcoin transactions. This shift in market dominance is noteworthy in the ever-evolving crypto landscape.
Kraken’s Rise in Altcoin Transactions
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According to the data provided by Kaiko, Kraken has managed to secure a 47% share in the market depth for the top 10 altcoins. Market depth is a term that represents the ability to handle large buy and sell orders without impacting the price of an asset. In January, Kraken had a 39% share, while Coinbase held 45%. However, over time, Coinbase’s share dropped to 41%, while Kraken’s share increased to 47%.
Impact of Legal Issues on Market Share
The shift in market share could be influenced by the ongoing lawsuit the SEC has against Coinbase. While this lawsuit continues, Kraken has chosen to negotiate with the regulatory body by terminating its staking services. Binance.US, another crypto exchange facing legal issues, has seen its market depth drop from 7% to 1%.
Role of Kraken Pro in Market Dominance
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A representative from Kraken attributed this growth to the launch of Kraken Pro in December. This advanced trading service has significantly contributed to the company’s increased market share in altcoin transactions. Kraken Pro offers sophisticated trading tools and features, attracting more users to the platform.
As the crypto landscape continues to evolve, exchanges like Kraken are making strategic moves to increase their market share. The launch of advanced trading services and the ability to navigate regulatory challenges are key factors in this growth. With the ongoing legal issues facing other exchanges, it will be interesting to see how the market dynamics continue to shift.