Data shows that just five crypto exchanges account for 98% of the total Euro trading volume
Despite the availability of over 15 platforms that enable euro-denominated cryptocurrency trading, only a few attract significant trading volume, says Kaiko.
Cryptocurrency exchanges Bitvavo, Kraken, Coinbase, Bitstamp and Binance collectively dominate the euro-denominated trading volume landscape, accounting for over 98% of total trading volume.
According to a recent study by Kaiko, co-authored with Bitvavo, crypto exchange Kraken recorded a cumulative volume of €25 billion in 2023, followed by Binance, which once held a significant market share. According to the report, crypto exchange Bitvavo recorded a cumulative euro volume of over 34 billion euros in December 2023, accounting for over 50%.
Monthly trading volume in euros | Source: Kaiko
Euro traders showed a strong preference for Bitcoin (BTC) in 2023, which recorded significant gains in the fourth quarter of 2023. According to analysts, Bitcoin transactions in Europe exceeded a trading volume of 37 billion euros, surpassing Ethereum (ETH) (15 billion euros) and XRP (9.5 billion euros). According to Kaiko, the ten most traded assets in Europe closely aligned with global and US trends in trading activity.
Main Euro-pegged assets by trading volume | Source: Kaiko
The connection between the amount of euro volume and the number of euro-denominated trading pairs listed on each exchange is obvious, say analysts at Kaiko, pointing out that both Kraken and Bitvavo have 200 euro pairs and thus their positions with the highest euro-denominated pairs consolidated volume. Conversely, global exchanges such as Bitflyer and Bybit focus on regions such as APAC, contributing to the diverse landscape of Euro-denominated trading.
Although Europe has historically lagged behind the US and APAC in crypto trading and investment, the trend is “poised for a reversal” in 2024 as the region sees a surge in exchanges setting up headquarters, supported by a clearly defined regulatory system, Kaiko concludes.
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