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Despite the availability of over 15 platforms facilitating euro-denominated trading with crypto, only a few attract substantial trading volume, Kaiko says. 
Cryptocurrency exchanges Bitvavo, <a href="https://crypto.news/tag/kraken/">Kraken</a>, <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a>, <a href="https://crypto.news/tag/bitstamp/" target="_blank" rel="noreferrer noopener">Bitstamp</a>, and <a href="https://crypto.news/tag/binance/" target="_blank" rel="noreferrer noopener">Binance</a> collectively dominate the landscape of <a href="https://crypto.news/tag/euro/" target="_blank" rel="noreferrer noopener">euro</a>-denominated trading volume, accounting for over 98% of the total trades. 
According to a <a href="https://25446524.fs1.hubspotusercontent-eu1.net/hubfs/25446524/Research/The%20State%20of%20European%20Crypto%20Markets.pdf" target="_blank" rel="noreferrer noopener">recent research</a> from Kaiko co-made with Bitvavo, crypto exchange Kraken saw €25 billion in cumulative volume in 2023, followed by Binance, which once held a significant market share. Crypto exchange Bitvavo, according to the report, witnessed cumulative euro volumes exceeding €34 billion, accounting for over 50% in December 2023. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1002" height="420" src="https://crypto.news/app/uploads/2024/01/ksjdnfilsjd.png" alt="Only five crypto exchange account for 98% of total euro trade volume, data shows - 16" class="wp-image-14242448">
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 Monthly euro-denominated trade volume | Source: Kaiko
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</figure> 
 You might also like: <a href="https://crypto.news/asset-managers-cut-fees-for-european-bitcoin-etfs-as-competition-grows/"> Asset managers cut fees for European Bitcoin ETFs as competition grows </a> 
Euro traders in 2023 demonstrated a strong preference for Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), which experienced substantial gains in Q4 2023. According to analysts, Bitcoin transactions in <a href="https://crypto.news/tag/europe/" target="_blank" rel="noreferrer noopener">Europe</a> surpassed €37 billion in trading volume, overshadowing Ethereum (<a href="https://crypto.news/price/ehtereum/">ETH</a>) (€15 billion) and <a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">XRP</a> (€9.5 billion). The top 10 assets traded in Europe aligned closely with global and U.S. trends in trading activity, Kaiko says. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="959" height="376" src="https://crypto.news/app/uploads/2024/01/ijdisjfsd.png" alt="Only five crypto exchange account for 98% of total euro trade volume, data shows - 17" class="wp-image-14242451">
 <figcaption class="wp-element-caption">
 Top assets tied to euro by trading volume | Source: Kaiko
 </figcaption>
</figure> 
The correlation between the quantity of euro volume and the number of euro-denominated trading pairs listed by each exchange 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 volume. Conversely, global exchanges like <a href="https://crypto.news/tag/bitflyer/" target="_blank" rel="noreferrer noopener">Bitflyer</a> and <a href="https://crypto.news/tag/bybit/" target="_blank" rel="noreferrer noopener">Bybit</a> focus on regions such as APAC, contributing to the diverse landscape of euro-denominated trading. 
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. 
 Read more: <a href="https://crypto.news/european-banking-authority-issues-additional-crypto-guidelines/"> European Banking Authority issues additional crypto guidelines </a>

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

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