According to a recent Kaiko report, Bybit Exchange has surged to become the world’s second-largest cryptocurrency exchange by volume. This leap has seen it surpass Coinbase and closely trail behind Binance.
Bybit’s Rise in Market Share
Bybit’s market share has doubled from 8% to 16% since October. This growth is attributed to increased trading volumes driven by the launch of spot bitcoin exchange-traded funds (ETFs) in the U.S. In contrast, Coinbase’s market share grew marginally by 1% during the same period, while Binance’s dominance fell from 60% to 54%.
Competitive Strategies and Expanding Market
Bybit has implemented competitive trading fees, claiming to have some of the lowest in the industry. The introduction of zero fees for USDC trading in February 2023 further boosted its market share. Additionally, Bybit saw significant increases in bitcoin (BTC) and Ethereum (ETH) trade volumes, pushing its market share in spot trading from 17% to 53% over the past year.
CEO’s Statement and Market Position
Ben Zhou, co-founder and CEO of Bybit, expressed his excitement about the exchange’s growth and recognition in the industry. Besides, Bybit Exchange has expanded its derivatives market offerings, positioning itself as the second-largest derivatives market after Binance. Bybit’s share of open interest remained stable, with its first-half performance in 2023 showing substantial growth. This was likely aided by regulatory challenges faced by competitors like Binance and Okx.
Current Market Standing
As of June 25, 2024, Bybit is second to Binance in terms of global trade volume, recording $5.37 billion in the past day. The exchange’s strategic moves and expanding market presence continue to solidify its position in the global cryptocurrency landscape.
