Crypto Exchange Bybit Rises to Second Place Globally, Says Kaiko Report
DUBAI, UAE, June 25, 2024 /PRNewswire/ -- Bybit, one of the world's top three crypto exchanges by volume, has experienced a significant surge in market share, according to Kaiko's latest data debrief report. The report highlights Bybit's impressive growth after launching spot Bitcoin ETFs in the US, positioning it as a major player in the global crypto trading landscape.
Since October, Bybit's market share has surged from 8% to 16%, surpassing Coinbase in March to become the second-largest exchange after Binance. This growth comes amidst increased trading volumes driven by the introduction of Bitcoin ETFs, which have boosted global crypto trading activity.
Bybit's competitive edge is attributed to its low trading fees, which are among the most attractive in the industry. The exchange launched zero fees for USDC trading in February 2023, contributing to its competitive positioning. However, low fees alone do not fully explain Bybit's rise. Analyzing spot trade volumes reveals that Bybit's volume increase has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year.
Its rapidly expanding derivatives offering has also supported Bybit's growing spot market share. In 2023, Bybit cemented its place as the second-largest derivative market after Binance.
"We are thrilled to see Bybit's continued growth and recognition in the industry," said Ben Zhou, co-founder and CEO of Bybit. "Our commitment to providing competitive fees, a safe and secure platform, and innovative products like Unified Trading Account has resonated with our users."
For more information about how Bybit's institutional and retail users are positioning their portfolio, see here.
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About Bybit
Bybit is a top-three cryptocurrency exchange by volume with 30 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.
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