Cryptocurrency

Solana

Read

Spot

<div class="cryptonews"> 
 <p class="is-style-lead">In July, Kraken reinforced its dominance as the top platform for <a rel="noopener noreferrer nofollow" title="altcoin" href="https://thebittimes.com/tag/altcoin.html">altcoin</a> 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 <a rel="noopener noreferrer nofollow" title="altcoin" href="https://thebittimes.com/tag/altcoin.html">altcoin</a> <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> influence.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">In July, Kraken emerged as the most <a rel="noopener noreferrer nofollow" title="liquid" href="https://thebittimes.com/tag/liquid.html">liquid</a> platform for alts in the US.<br> Its claiming almost half of the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> depth for the top 10 alts. pic.twitter.com/2fumt7yi9a</p>— Dessislava Ianeva (@DessislavaIane2) August 9, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <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> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Binance engages former DOJ prosecutor to counter SEC allegations 
 </div> 
 <p>Such allegations triggered tighter global regulations. Notably, Ethereum (ETH) 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> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" width="2718" height="868" src="https://cdn.thebittimes.com/images/2023/08/12/ccb02faa654be4e246479a8ec7b1d2bf.webp" alt="Kraken dominates US altcoin market liquidity in July - 1" class="wp-image-14184946"> 
  <figcaption class="wp-element-caption">
    Top Cryptocurrency Spot Exchanges | Source: CoinMarketCap 
  </figcaption> 
 </figure> 
 <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> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Buterin moves ETH to Kraken shortly before Binance suit announced 
 </div> 
 <h2 class="wp-block-heading" id="altcoins-show-greater-performance">Altcoins show greater performance</h2> 
 <p>July was a promising month for altcoins. A Bloomberg report from July 14 highlighted that altcoins like Solana (SOL) and Avalanche (AVAX) outperformed Bitcoin (BTC) after a federal court decision favoring Ripple Labs.</p> 
 <p>Given that XRP wasn’t considered a security, it bolstered investor confidence in altcoins, especially in the US.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC challenges Ripple with appeal over XRP’s status 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Kraken dominates US altcoin market liquidity in July

Table of Contents

TheBitTimes

Other articles published on Aug 12, 2023

Visa launches card payments for on-chain transaction fees

Satellite Based Blockchain Mining: The Future of Decentralization and Environmental Conservation

Best Crypto Copy Trading Platforms in 2023

BATS Share Price Dropped Over 2% in Weekly Price Analysis

CFTC charges individuals with crypto fraud

Former President Trump Holds $250,000 Ethereum

Join our free newsletter for daily crypto updates!