The estimated time with which Kraken would confirm a deposit of certain cryptocurrencies varied from between near-instantaneous to up to several hours. Bitcoin, for instance, could take around 40 minutes - depending on the fees involved - whereas tokens like Cardano or Solana could be handled almost immediately. The transaction speed matters as it indicates which cryptocurrency is more efficient. A higher efficiency means that the blockchain underneath the coin is more capable of transferring data from one party to the other and confirm transactions. Transaction speed can be influenced by several factors, including block time, block size, transaction fees, and network traffic.
Average transaction speed of 74 cryptocurrencies with the highest market cap as of January 2024
(in minutes)
The coins listed here have been ranked based off their market cap. Bitcoin (BTC), for example, ranks top not for its transaction speed, but because it had the highest market cap of all cryptocurrencies.
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Statista. (January 3, 2024). Average transaction speed of 74 cryptocurrencies with the highest market cap as of January 2024 (in minutes) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/
Statista. "Average transaction speed of 74 cryptocurrencies with the highest market cap as of January 2024 (in minutes)." Chart. January 3, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/
Statista. (2024). Average transaction speed of 74 cryptocurrencies with the highest market cap as of January 2024 (in minutes). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/
Statista. "Average Transaction Speed of 74 Cryptocurrencies with The Highest Market Cap as of January 2024 (in Minutes)." Statista, Statista Inc., 3 Jan 2024, https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/
Statista, Average transaction speed of 74 cryptocurrencies with the highest market cap as of January 2024 (in minutes) Statista, https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/ (last visited November 21, 2024)
Average transaction speed of 74 cryptocurrencies with the highest market cap as of January 2024 (in minutes) [Graph], Statista, January 3, 2024. [Online]. Available: https://www.statista.com/statistics/944355/cryptocurrency-transaction-speed/
