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.
#Bybit / #TheCryptoArk
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.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit's Communities and Social
Media
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