Bitvavo Surpasses Kraken and Binance to Become Top EUR Spot Exchange
Bitvavo, the Amsterdam-based cryptocurrency exchange, has once again been confirmed as the leading EUR spot exchange globally, according to Kaiko’s newly released 2024 report. The report, which covers trading data for the first 11 months of the year, reveals that Bitvavo continues to dominate the market, accounting for half of all euro-denominated crypto trading volume worldwide.
Bitvavo Captures 50% of the EUR Market Share
Bitvavo has cemented its position as the largest exchange for EUR spot trading by securing nearly 50% of the global market share in EUR-denominated trading volumes. This impressive market share highlights the exchange’s strength, surpassing global giants such as Kraken, Coinbase, and Binance. The continued dominance is especially significant considering the substantial growth in demand for euro-based crypto trading throughout 2024.
The Largest Range of EUR Spot Pairs and Deepest Liquidity
One of Bitvavo’s key advantages is its extensive range of available digital assets. As of the report, Bitvavo offers over 350 digital assets for EUR-spot trading, more than any other exchange. Additionally, the platform boasts the deepest liquidity for EUR trading pairs, ensuring smooth and efficient trading for both retail and institutional users. Bitvavo has also been aggressive in its asset listing strategy, adding over 100 new digital assets to its platform in 2024, further consolidating its market position.
CEO Mark Nuvelstijn’s Vision for Bitvavo’s Continued Growth
Mark Nuvelstijn, CEO of Bitvavo, expressed pride in the company’s leading role in the European crypto market. He commented, “We see this performance as a validation of our strategy. Our commitment to a powerful platform, a broad selection of digital assets, and competitive trading fees has helped us remain the preferred choice for both retail and institutional users in Euro-crypto markets worldwide.”
MiCA Regulation to Boost Market Growth
Bitvavo’s CEO also highlighted the role of new European regulations, such as the Markets in Crypto-Assets (MiCA) framework, in boosting market opportunities. Nuvelstijn noted, “We will receive our MiCA license in 2025 (expected), which enables us to roll out our strong product-market fit throughout Europe. The arrival of MiCA will further strengthen consumer confidence in Europe, so that the market will continue to grow. As market leader, we will reap the benefits of this.” This regulatory clarity is expected to foster growth and increase investor confidence in the crypto market across Europe.
Surge in Euro Crypto Trading Volumes
According to the Kaiko report, trading volumes in euro-denominated crypto markets saw a massive increase in November, with total volumes surpassing €50 billion, more than doubling from October’s figures. The BTC-EUR pair, in particular, saw its share of global BTC-fiat trading volume rise from 3.6% to nearly 10%. This growth reflects the broader trend of improving regulatory clarity in the EU and the growing institutional adoption of Bitcoin worldwide.
Bitvavo Outpaces Competitors
In addition to the overall growth in the euro-crypto market, the report emphasized Bitvavo’s impressive market performance relative to other major players like Kraken and Binance. Bitvavo has continued to maintain its steady growth trajectory, solidifying its position as the market leader with nearly 50% market share. The company’s ability to outpace its competition highlights its strong market strategy and robust infrastructure.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment