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 Related Reading: Gateway Issues Cause Withdrawal And Deposit Delays For Kraken Exchange 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.  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. Related Reading: Regulators Are To Blame For All The Crisis In Crypto, Says Kraken CEO 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 $28.07 billion in March to $13.6 billion in the previous month. Featured image from Unsplash, Chart from TradingView
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