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 <p class="is-style-lead">Despite the availability of over 15 platforms facilitating euro-denominated trading with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>, only a few attract substantial trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, Kaiko says.</p>
 <p>Cryptocurrency exchanges Bitvavo, Kraken, Coinbase, Bitstamp, and Binance collectively dominate the landscape of euro-denominated trading volume, accounting for over 98% of the total trades.</p>
 <p>According to a recent research from Kaiko co-made with Bitvavo, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> Kraken saw €25 billion in cumulative <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> in 2023, followed by Binance, which once held a significant market share. Crypto <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> Bitvavo, according to the report, witnessed cumulative euro <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>s exceeding €34 billion, accounting for over 50% in December 2023.</p>
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   <img decoding="async" width="1002" height="420" src="https://cdn.thebittimes.com/images/2024/01/26/4330548a5e9efc9f3b4ef1529b1e36c9.webp" alt="Only five crypto exchange account for 98% of total euro trade volume, data shows - 1"> 
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   Monthly euro-denominated trade volume | Source: Kaiko
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 <p>Euro traders in 2023 demonstrated a strong preference for Bitcoin (BTC), which experienced substantial gains in Q4 2023. According to analysts, Bitcoin transactions in Europe surpassed €37 billion in trading volume, overshadowing Ethereum (ETH) (€15 billion) and XRP (€9.5 billion). The top 10 assets traded in Europe aligned closely with global and U.S. trends in trading activity, Kaiko says.</p>
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   <img loading="lazy" decoding="async" width="959" height="376" src="https://cdn.thebittimes.com/images/2024/01/26/3d3bb6432694e37e067099ac888e1f91.webp" alt="Only five crypto exchange account for 98% of total euro trade volume, data shows - 2"> 
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   Top assets tied to euro by trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> | Source: Kaiko
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 <p>The correlation between the quantity of euro <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> and the number of euro-denominated trading pairs listed by each <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> is evident, analysts at Kaiko say, noting that both Kraken and Bitvavo boast over 200 euro pairs, solidifying their positions with the highest euro-denominated <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>. Conversely, global <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s like Bitflyer and Bybit focus on regions such as APAC, contributing to the diverse landscape of euro-denominated trading.</p>
 <p>Even though historically Europe has been trailing behind the U.S. and APAC in crypto trading and investment, the trend is “primed for reversal” in 2024 as the region is witnessing a surge in exchanges establishing headquarters, buoyed by a well-defined regulatory regime, Kaiko concludes.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/only-five-crypto-exchange-account-for-98-of-total-euro-trade-volume-data-shows-tbt77832.html">https://thebittimes.com/only-five-crypto-exchange-account-for-98-of-total-euro-trade-volume-data-shows-tbt77832.html</a></p>

Only five crypto exchange account for 98% of total euro trade volume, data shows

TheBitTimes

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