Since last year, cryptocurrency exchange Bybit has been enjoying a remarkable rise in the sector amid an increase in its market share. Recently, the platform managed to overtake Coinbase and became the second largest cryptocurrency exchange in the world.

After seeing a considerable increase in trading within the platform, Bybit became the second largest centralized cryptocurrency exchange (CEX) in terms of trading volume, according to data released in a report from the Kaiko platform on June 25.

Since October, the exchange’s market share has increased from 8% to 16%, surpassing Coinbase in March to become the second largest exchange after Binance,” the report highlighted.

According to the survey, analysis of spot trading volumes by asset revealed that the increase in volume on the Bybit exchange was driven by both Bitcoin and Ethereum, whose market share increased from 17% to 53% since last year.

Furthermore, the report highlighted that the company’s growing share of the spot market was also supported by its rapidly growing derivatives offering. Last year, the exchange managed to consolidate its position as the second largest derivatives market after Binance.

“Although its open interest market share has remained stable since October, Bybit has seen significant growth in the first half of 2023. This may indicate that the exchange has benefited from Binance’s regulatory problems. In contrast, OKX saw its market share decrease from 25% to 15% at the beginning of 2023”, he added.

It is worth remembering that, in April, Bybit recently reached an interesting milestone after recording a substantial increase in its trading activity in the largest cryptocurrency, Bitcoin (BTC). The platform’s market share has seen quite notable growth since the introduction of spot trading in 2022. According to a quarterly report from Kaiko Research, released on April 23, the Bybit exchange recorded an increase, leaving 2% of the market, last year, to 9.3% in 2024.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned 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.

Source: https://portalcripto.com.br/ascensao-bybit-participacao-de-mercado-da-exchange-cresce-e-ultrapassa-coinbase/



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