Bybit, one of the world’s top three cryptocurrency exchanges by trading volume, has experienced a significant surge in market share according to Kaiko’s latest data debrief report.
The report highlights Bybit’s impressive growth, especially 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 has been driven by increased trading volumes, spurred by the introduction of Bitcoin ETFs, which have boosted global crypto trading activity.
Low trading fees contribute to Bybit’s competitive edge
Bybit’s competitive edge is attributed to its low trading fees, which are among the most attractive in the industry. The exchange introduced zero fees for USDC trading in February 2023, which has significantly contributed to its competitive positioning. However, low fees alone do not fully explain Bybit’s rise.
An analysis of 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.
Bybit’s rapidly expanding derivatives offering has also supported its growing spot market share.
In 2023, Bybit cemented its place as the second-largest derivative market after Binance.
Continued growth and recognition
“We are thrilled to see Bybit’s continued growth and recognition in the industry,” said Ben Zhou, co-founder and CEO of Bybit.
Ben Zhou also mentioned,
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 portfolios, see here.
The post Crypto exchange Bybit rises to second place globally, says Kaiko report appeared first on Invezz