According to a recent report by Kaiko, Bybit has surged to become the world’s second-largest cryptocurrency exchange by volume, overtaking Coinbase and closely trailing Binance. This climb is attributed to significant increases in market share following the launch of spot bitcoin exchange-traded funds (ETFs) in the United States.
Bybit Rises to Second Place in Global Crypto Exchange Rankings, Kaiko Report Reveals
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bybit Climbs Crypto Exchange Ladder
The report from Kaiko details that since October, Bybit’s market share has doubled from 8% to 16%, driven by heightened trading volumes due to new Bitcoin ETF offerings. In contrast, despite achieving better revenue and profits, Coinbase’s market share grew only marginally by 1% during the same period. Meanwhile, Binance saw a decrease in its dominance, dropping from 60% to 54% of the market.
In a message sent to Bitcoin.com News, Bybit explained its strategy includes competitive trading fees, and claims they are among the lowest in the industry. This pricing approach was enhanced by the introduction of zero fees for USDC trading as of February 2023. The exchange also boasts a significant increase in both bitcoin ( BTC) and ethereum ( ETH) trade volumes, which have pushed its market share in spot trading from 17% to 53% since last year.
“We are thrilled to see Bybit’s continued growth and recognition in the industry,” Ben Zhou, co-founder and CEO of Bybit told Bitcoin.com News.
Additionally, Bybit has expanded its derivatives market offerings, establishing itself as the second-largest derivatives market following Binance. While its share of open interest has remained stable, Bybit’s first-half performance in 2023 showed substantial growth, likely benefitting from regulatory challenges faced by competitors like Binance and Okx, which have seen declines in market share. As of June 25, 2024, Bybit is second to Binance in terms of global trade volume, with $5.37 billion over the past day.
What do you think about Bybit’s rise in trading volume? Share your thoughts and opinions about this subject in the comments section below.
