Bitvavo vs. Kraken: Who Leads Europe’s €50B Crypto Trading Boom?

Euro-denominated trading volumes surged to €50 billion in November 2024.
Bitvavo and Kraken lead the European market with record euro-denominated pairs.
Bitcoin surpassed $100,000, driving demand for euro-backed trades.

The European crypto market changed dramatically, with euro-denominated trading volumes reaching a multi-year high of nearly €50 billion in November 2024, according to Kaiko’s Research report. Exchanges like Bitvavo and Kraken compete for dominance in this growing ecosystem, driven by Bitcoin prices over $100,000 and rising interest in altcoins.

European exchanges have a record number of euro-denominated trading pairs and are seeing growing adoption of euro-backed stablecoins. As a result, the euro has become the third most traded fiat currency in the crypto world.

Euro-Denominated Trading Volume Doubles

In 2024, Europe’s crypto market changed significantly, with November’s euro-denominated trade volumes soaring to an amazing €50 billion, nearly doubling October’s levels. Also, weekly volumes reached a massive €12 billion, which is higher than the March 2024 peak.

Bitvavo and Kraken, two of Europe’s largest digital asset exchanges, are driving this surge. Together, they have a significant share of the €331 euro-denominated trading pairs launched this year.

Memecoins and Altcoins: European Traders Diversify Portfolios

On the other hand, the euro remains the third most traded fiat currency, behind the U.S. dollar and Japanese yen. This shows its growing importance in the crypto market. Bitcoin, the dominant crypto, remains the most traded asset against the euro.

With cumulative trade volumes over €50 billion in 2024 alone, BTC has a significant share of crypto market demand. Altcoins and meme coins come next, because traders want diversified portfolios during Bitcoin’s price rally.

Euro-backed stablecoins are making the euro’s role even more important by providing liquidity and stability for traders across Europe. With record-breaking volumes, more listings, and innovative products, Bitvavo and Kraken lead the market and are preparing for a competitive 2025.

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