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<p class="is-style-lead">In July, Kraken reinforced its dominance as the top platform for altcoin trading in the US.</p> 
<p>Kaiko reports reveal that Kraken commanded nearly 50% of the market depth for the top 10 altcoins.</p> 
<p>On Aug. 9, Kaiko’s research analyst, Dessislava Ianeva, spotlighted Kraken’s significant altcoin market influence.</p> 
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   <p lang="en" dir="ltr">📈🤔In July, Kraken emerged as the most liquid platform for alts in the US.<br>👉 Its claiming almost half of the market depth for the top 10 alts. <a href="https://t.co/2fumt7yi9a" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/2fumt7yi9a</a></p>— Dessislava Ianeva (@DessislavaIane2) <a href="https://twitter.com/DessislavaIane2/status/1689301335760363521?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2023</a> 
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<p>Known for its impressive euro volume and liquidity, Kraken supports trading over 100 cryptocurrencies and seven fiat currencies. Founded in 2011 and launched in 2013, Kraken caters to over 8 million traders and institutional clients. Its prominence has grown, particularly after Binance and Coinbase faced SEC allegations.</p> 
<p> You might also like: <a href="https://crypto.news/binance-accuses-sec-of-misleading-statements-on-exchange-assets/" rel="noopener noreferrer nofollow"> Binance engages former DOJ prosecutor to counter SEC allegations </a> </p> 
<p>Such allegations triggered tighter global regulations. Notably, Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) co-founder Vitalik Buterin transferred $723,000 from Binance to Kraken shortly before the lawsuit announcement.</p> 
<p>After Binance revealed its exit from Canada, Kraken confirmed its commitment to stay, contributing to its growth.</p> 
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   Top Cryptocurrency Spot Exchanges | Source: <a href="https://coinmarketcap.com/rankings/exchanges/" data-type="link" data-id="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
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<p>CoinMarketCap data indicates that while Kraken dominates the US altcoin market, Binance and Coinbase rank higher in trading volume and liquidity.</p> 
<p>Binance boasts a 24-hour trade volume of $4,501,761,528, whereas Kraken’s is $409,088,434.</p> 
<p> You might also like: <a href="https://crypto.news/buterin-moves-eth-to-kraken-shortly-before-binance-suit-announced/" rel="noopener noreferrer nofollow"> Buterin moves ETH to Kraken shortly before Binance suit announced </a> </p> 
<h2 class="wp-block-heading" id="altcoins-show-greater-performance">Altcoins show greater performance</h2> 
<p>July was a promising month for altcoins. A <a href="https://www.bloomberg.com/news/articles/2023-07-14/crypto-altcoin-outperform-as-fomo-takes-over-after-xrp-ruling" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a> report from July 14 highlighted that altcoins like Solana (<a href="https://crypto.news/price/solana/" data-type="link" data-id="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) and Avalanche (<a href="https://crypto.news/price/avalanche/" data-type="link" data-id="https://crypto.news/price/avalanche/" rel="noopener noreferrer nofollow">AVAX</a>) outperformed Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) after a federal court decision favoring Ripple Labs.</p> 
<p>Given that <a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a> wasn’t considered a security, it bolstered investor confidence in altcoins, especially in the US.</p> 
<p> Read more: <a href="https://crypto.news/sec-challenges-ripple-with-appeal-over-xrps-status/" rel="noopener noreferrer nofollow"> SEC challenges Ripple with appeal over XRP’s status </a> </p>

Kraken dominates US altcoin market liquidity in July

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