The post Bybit is Now the Second-Largest Crypto Exchange: Kaiko appeared on BitcoinEthereumNews.com.

The Singapore-based cryptocurrency exchange Bybit has overtaken its rival, the U.S.-based Coinbase, to become the second-largest digital asset trading platform after Binance. According to a press release citing a report from crypto analytics platform Kaiko, Bybit’s market share has surged from 8% to 16% since October 2023, while Coinbase’s share increased by 1% over the same period. Due to the steady growth, Bybit surpassed Coinbase in March to become the second-largest crypto exchange. Bybit Becomes Second-Largest Exchange Several factors contributed to Bybit’s growth, including the launch of spot Bitcoin exchange-traded funds in the United States and Binance’s weakened dominance due to regulatory issues. Kaiko noted that while both incidents led to increased trading volumes for all crypto exchanges, except Binance, not all entities benefited equally, especially from the rally that preceded the approval of the spot Bitcoin ETFs. Bybit recorded the most gains, while Coinbase saw a minor increase despite reporting higher profits and revenue. Interestingly, Binance is not the only exchange that has experienced a decline in its market share due to regulatory challenges. Other platforms like Upbit and OKX have witnessed lower volumes for unknown reasons. Binance, on its part, has seen its dominance fall from 60% to 54% since its $4.3 billion settlement with U.S. authorities in late 2023. “We are thrilled to see Bybit’s continued growth and recognition in the industry. Our commitment to providing competitive fees, a safe and secure platform, and innovative products like Unified Trading Account has resonated with our users,” said Bybit co-founder and CEO Ben Zhou. Low Fees and Rising Spot Share The growing transaction volumes on Bybit cannot just be attributed to the Binance saga and the U.S. spot Bitcoin ETF market. Kaiko highlighted the exchange’s competitive transaction fees and increased bitcoin (BTC) and ether (ETH) transaction market shares. Bybit’s…

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Filed under: News - @ June 26, 2024 5:14 am