Since the previous year, the cryptocurrency exchange Bybit has experienced a significant surge in the industry, leading to a rise in its market share. Recently, the platform surpassed Coinbase to become the world’s second-largest cryptocurrency exchange.
According to data from the Kaiko platform’s report on June 25, Bybit achieved the position of the second-largest centralized cryptocurrency exchange (CEX) in terms of trading volume due to a substantial increase in trading activity on the platform. The exchange’s market share has grown from 8% to 16% since October, surpassing Coinbase in March.
The report emphasized that Bybit’s increased trading volume was driven by both Bitcoin and Ethereum, with their market share rising from 17% to 53% since last year. Additionally, the company’s growing share of the spot market was supported by its rapidly expanding derivatives offering, solidifying its position as the second-largest derivatives market after Binance.
While Bybit’s open interest market share remained stable after October, the exchange experienced significant growth in the first half of 2023, possibly benefiting from Binance’s regulatory issues. In contrast, OKX saw a decline in its market share from 25% to 15% in early 2023.
The global crypto trading volumes received a significant boost with the launch of spot Bitcoin ETFs in the US. However, not all exchanges saw a positive impact from these changes.
In April, Bybit reached a significant milestone with a substantial increase in its trading activity for Bitcoin (BTC). According to Kaiko Research’s quarterly report released on April 23, the platform’s market share grew from 2% last year to 9.3% in 2024 since the introduction of spot trading in 2022.
It is important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.