Bybit sees increase in volume as it expands its share of cryptocurrency trading

One of the market’s leading cryptocurrency exchanges, Bybit, reached an interesting milestone recently after recording a substantial increase in its trading activity for the largest cryptocurrency, Bitcoin (BTC). The platform’s market share has seen quite remarkable growth since the introduction of spot trading in 2022.

According to the latest quarterly report from Kaiko Research, released on April 23, the Bybit exchange recorded an increase, going from 2% of the market last year to 9.3% in 2024.

According to the data, the Bitcoin market share of the largest cryptocurrency exchange, Binance, currently stands at approximately 55%, down from more than 80% a year ago.

“Bybit, which launched its spot trading platform in 2022, saw the biggest increase in market share this year, rising from 2% to 9.3%. OKX’s market share also jumped from 3% to 7.3% a year ago. Bullish, MEXC and Bithumb also saw significant increases,” highlighted the analysis.

The survey also highlighted an increase in competition in offshore markets. “Competition for offshore markets is heating up. Binance has faced increasing competition in the $BTC markets since ending its large-scale zero-fee promotion last year,” he noted.

Competition for offshore markets is heating up. Binance has faced increased competition in $BTC markets since it ended its large-scale zero-fee promotion last year. pic.twitter.com/TM2zhzRd6E

— Kaiko (@KaikoData) April 23, 2024

Kaiko data also observed another similar metric in the market in which the Bybit exchange has stood out amid notable growth. “A similar, although less pronounced, trend is observed in the altcoin markets, where Binance’s share of the top 30 altcoins has decreased from 58% to 50%. Bybit was once again among the main winners, with its market share increasing from 3% to 8%”, he stated.

Bybit has seen this increase in volume as it expands its participation in cryptocurrency trading. The company announced the addition of the following new assets for spot margin trading, crypto loans, flexible savings, and institutional loans on April 23, 2024, at 10:00 am UTC.

Spot margin trading: ENA/USDT, W/USDT, AEVO/USDT, AXL/USDT, FLR/USDT, SATS/USDT and RVNU/SDT.
Cryptographic loans: ENA, W, AEVO, AXL, FLR, SATS and RVN.
Flexible savings: ENA, W, AEVO, AXL, FLR, SATS and RVN.
Institutional Loans: ENA, W, AEVO, AXL, FLR, SATS and RVN.

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 in or trading cryptocurrencies carries a risk of financial loss.