Only 5 exchanges control 98% of the crypto market in Euro

When it comes to crypto transactions involving the euro, there are more than a dozen exchanges around the world offering such services. However, a recent study by Kaiko indicates that only five of them, and not just any five, account for the bulk of this crypto transaction flow.

These 5 exchanges dominate the crypto operations related to the euro

There are exactly 15 platforms around the world that support crypto exchanges denominated in euro. However, there is a significant disparity in market share distribution among these crypto exchanges.

According to a recent study by crypto data provider Kaiko, only 5 out of the 15 platforms offering this service collectively hold 98% of the total volume of these exchanges. These are Bitvavo, Kraken, Coinbase, Bitstamp, and Binance.

Kaiko’s data shows that Kraken and Binance are dominant in this sector. The two exchanges stand out in terms of cumulative volume with Kraken handling 25 billion euros worth of crypto operations in 2023.

Binance maintains a substantial market share. However, the company faces competition from Bitvavo. This platform accumulated crypto operation volumes in euros exceeding 34 billion euros, thus securing more than 50% of the market share in December 2023.

Nonetheless, this competition is a good thing. Indeed, these exchanges have consolidated their position at the forefront of euro crypto exchanges. This is due to their robust infrastructure and extensive offering.

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Only five crypto exchange account for 98% of total euro trade volume, data shows. Despite the availability of over 15 platforms facilitating euro-denominated trading with crypto, only a few attract substantial trading volume, Ka… check us out @… pic.twitter.com/5pC14Um7N7

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Bitcoin (BTC) leads euro-denominated crypto operations

Euro traders have shown a strong preference for bitcoin (BTC) during the tumultuous year of 2023. This is evidenced by its substantial gains, particularly in the fourth quarter.

In fact, the demonstrated appetite by European traders for the leading crypto has resulted in its exchange volume reaching unprecedented levels. Thus, transactions in BTC in Europe have exceeded 37 billion euros in exchange volume.

By comparison, Ethereum’s Ether (ETH) and Ripple’s XRP have lagged behind with volumes of 15 billion euros and 9.5 billion euros, respectively, even though they remain significant market players.

In fact, this preference for bitcoin (BTC) reflects global and particularly American trends in crypto exchanges. A dynamic that highlights the status of the asset as a prominent cryptocurrency.