- The Kaiko project team has published a report on the structure of the altcoin sector in the United States.
- The Kraken exchange was found to control 47% of the market’s depth. Coinbase is only 41%.
- But Kraken still loses out in terms of overall segment coverage.
Kraken cryptocurrency exchange has topped the ranking of platforms in terms of market depth coverage in the United States. This follows a report from analysts at Kaiko.
In July 2023, Kraken’s share of altcoin sector coverage in the US was 47%. In January, it was 39%. By comparison, Coinbase’s exchange has seen that figure drop from 45% to 41%, according to Kaiko:
As a reminder, market depth refers to a segment’s ability to repay significant capital outflows or inflows without a noticeable fluctuation in the asset price.
As the chart shows, Binance’s U.S. unit saw its market depth slip from 7 percent to 1 percent. As a reminder, the organization’s market share fell to 0.9% in July 2023 and 0.5% in August.
The leader in the U.S. market remains Coinbase. The exchange controls a market share of 45.84% as of August 2023. Kraken – 23%, according to The Block:
In comments to the publication, a Kraken spokesperson attributed the performance gains to the release of the Pro version of the trading platform. The platform was introduced late last year.
In February 2023, the U.S. Securities and Exchange Commission ordered Kraken to pay a $30 million fine and suspend its offering of staking programs. However, the situation appears to have had little impact on the company’s market reach.