Crypto research firm KAICO has revealed an interesting fact in its latest study. According to research, the Kraken exchange has overtaken Coinbase in altcoin transactions.
Kraken holds 47% of the market depth for the top 10 altcoins, according to data provided by Kaiko. The term depth of market represents the receiving of large quantities of buy and sell orders without affecting the price of an asset.
Kraken held 39% in January, while Coinbase held 45%. However, Coinbase has fallen by 41% over time, while Kraken has climbed by 47%. The SEC’s lawsuit against the Coinbase exchange may also have a big part in this change. While the litigation between the two parties is still ongoing, the Kraken exchange has agreed with the institution in exchange for ending its staking services.
It has been observed that the market depth of Binance.US, another cryptocurrency exchange that has been sued, has decreased from 7% to 1%.
A Kraken exchange official told The Block that the biggest reason behind this growth is Kraken Pro, which the company launched in December and offers advanced trading services.
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