According to data from crypto research firm Kaiko, California-based cryptocurrency exchange Kraken has become the primary market of reference for altcoin trading in the US, outpacing competitors like Coinbase.
Cryptocurrency Exchange Kraken Overtakes Coinbase in Altcoins
According to Kaiko, Kraken has 47% of the market depth for the top 10 altcoins. Market depth refers to the ability of a given market to absorb a large buy or sell order without affecting the price of that market's asset.
After last year's price drop and FTX meltdown, market depth and liquidity have been negatively impacted across exchanges and cryptocurrencies.
In addition to the stronger market depth in altcoins, Kraken's market share among exchanges supporting USD deposits has grown steadily over the past year, increasing from around 8.3% in August 2022 to 21.1% in July.
*Not investment advice.
