Kraken reaches new heights thanks to its latest exploit. The platform has become the most liquid in terms of altcoin trading, surpassing rival Coinbase.
Kraken becomes the largest US crypto exchange for altcoin trading.
Who said hard times are forever? After suffering the full brunt of the downtrend, Kraken maintains its position in the ecosystem. According to Kaiko, a crypto research company, the company of Jesse Powell is now ahead Coinbase, and has become the US benchmark marketplace for altcoin trading.
Last year’s crypto winter and the collapse of FTX have had a profound impact on market liquidity and depth. But currently, the California-based crypto company controls almost half the market depth for a dozen major altoins, including Polkadot (DOT), Polygon (MATIC), Cardano (ADA) and Solana (SOL).
This feat is a victory for the exchange considering all the events that have marked its evolution. Between the pressure from regulators and the uncertainty of the crypto sector, Kraken strengthens its position with ever more initiatives.
The company strengthens its presence on the crypto markets
Kraken like most cryptocurrency exchange platforms, went through a dark period during the bear market. What’s more, recurring hacks have done nothing to improve investor confidence.
However, the exchange has come back stronger with each new challenge, even going so far as to develop ingenious strategies like creating a fake crypto account to put a stop to the growing frauds.
Beyond more robust market depth in altcoins, Kraken‘s market share has been steadily evolving since last year. According to The Block’s data dashboard, it rose from 8.3% in August 2022 to 21.11% in July this year.
Based on statements by an exchange spokesperson, Kraken owes its performance to the improvement of its offering, driven by the launch of the Kraken Pro last December. He claims that their total volumes have reached 18-month highs, while AUD spot markets have increased sixfold in 12 months.
2023 seems to be the year of Kraken. There’s no stopping the cryptocurrency exchange platform, which is racking up one success after another. Between successful initiatives and new exploits, it is unquestionably among the best, even if the regulators are never far away in case of error…
Passionate about stock market trading and cryptocurrencies, I write articles on the subject to share my experience and keep you up to date. I’m convinced that cryptocurrencies open up new perspectives and that everyone should experiment with them.
