When it comes to crypto transactions involving the euro, there are more than a dozen exchanges around the world offering such services. But according to a recent study by Kaiko, only five of them, and not just any, share the bulk of this flow of crypto operations.
These 5 exchanges that dominate crypto operations linked to the euro
There are exactly 15 platforms across the world that support Euro-denominated crypto exchanges. However, there is a large disparity in the distribution of market shares within these crypto exchanges.
According to a recent study from crypto data provider Kaiko, only 5 out of the 15 platforms offering this service collectively account for 98% of the total volume of these exchanges. These are Bitvavo, Kraken, Coinbase, Bitstamp and Binance.
Information provided by Kaiko shows that Kraken and Binance reign supreme in this sector. The two exchanges stand out in terms of cumulative volume with Kraken which managed 25 billion euros of crypto operations in 2023.
Binance maintains a significant market share. However, the company faces competition from Bitvavo. This platform has accumulated crypto transaction volumes in euros exceeding 34 billion euros, thus securing more than 50% of market share in December 2023.
Regardless, this competition is fair game. Indeed, these exchanges have consolidated their position at the forefront of crypto exchanges in euros. This, thanks to their robust infrastructure and extensive offering.
Bitcoin (BTC) leads crypto operations denominated in euros
Euro traders have shown a pronounced predilection for bitcoin (BTC) during the tumultuous 2023. This is at least evidenced by its substantial gains, particularly during the fourth quarter.
In fact, the appetite demonstrated by European traders for the flagship crypto has had the effect of bringing its trading volume to unprecedented levels. Thus, BTC transactions in Europe have exceeded 37 billion euros in exchange volume.
In comparison, Ethereum’s Ether (ETH) and Ripple’s XRP lagged behind with volumes of €15 billion and €9.5 billion, respectively. This, even though they remain important players in the market.
In fact, this preference for bitcoin (BTC) reflects global and American trends particularly in crypto exchanges. A dynamic that highlights the asset’s status as a prominent crypto.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
