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Euro Crypto Trading Landscape: Key Insights from Kaiko Report

Euro Crypto Trading Landscape: Dominance, Preferences, and Future Trends Unveiled in Kaiko Report.

by Alexander
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Despite the presence of over 15 platforms for euro-denominated crypto trading, Bitvavo, Kraken, Coinbase, Bitstamp, and Binance collectively control 98% of the total trade volume, according to a report by Kaiko. Euro traders in 2023 showed a strong preference for Bitcoin (BTC), with transactions exceeding €37 billion, overshadowing Ethereum (ETH) and XRP. The top 10 assets traded in Europe mirrored global and U.S. trends. Kaiko analysts predict a reversal in Europe’s crypto trading trend in 2024, as the region sees a surge in exchanges establishing headquarters due to a well-defined regulatory regime.

Monthly euro-denominated trade volume | Source: Kaiko

Key Findings: Euro Crypto Trading Landscape

  1. The dominance of Five Exchanges: Bitvavo, Kraken, Coinbase, Bitstamp, and Binance collectively control over 98% of the euro-denominated crypto trading volume, leaving little room for other platforms.
  2. Kraken’s Cumulative Volume: In 2023, Kraken recorded a cumulative volume of €25 billion, maintaining a significant market presence in the euro trading landscape.
  3. Bitvavo’s Dominance: Bitvavo witnessed cumulative euro volumes exceeding €34 billion, claiming over 50% in December 2023, showcasing its prominence in the market.
  4. Bitcoin’s Strong Preference: Euro traders demonstrated a strong preference for Bitcoin, contributing to substantial gains in Q4 2023. Bitcoin transactions in Europe surpassed €37 billion, surpassing Ethereum and XRP.

    Top assets tied to euro by trading volume | Source: Kaiko

  5. Top Assets Aligned with Global Trends: The top 10 assets traded in Europe closely mirrored global and U.S. trends in trading activity, indicating a cohesive global crypto market.
  6. Correlation with Trading Pairs: The correlation between the quantity of euro volume and the number of euro-denominated trading pairs listed by each exchange is evident. Exchanges with over 200 euro pairs, such as Kraken and Bitvavo, hold the highest euro-denominated volume.
  7. Reversal of Trends in 2024: Despite Europe historically trailing behind the U.S. and APAC in crypto trading, Kaiko predicts a reversal in 2024. The region is witnessing a surge in exchanges establishing headquarters, driven by a well-defined regulatory regime.

As euro traders consolidate their activities on a select few exchanges, the crypto trading landscape in Europe is poised for a transformative shift, with regulatory clarity driving increased exchange presence in the region.

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