Bybit Surpasses Coinbase as Second-Largest Crypto Exchange by Volume
In recent months, Bybit crypto exchange has emerged as the second-largest exchange by trading volume, overtaking Coinbase, according to data from Kaiko. Since October 2023, Bybit’s market share has increased significantly, doubling from 8% to 16%. Meanwhile, Binance, although still leading, has seen its market share decrease from 60% to 54%. Kaiko attributes the surge in market volume to the launch of spot Bitcoin ETFs in January, which significantly boosted overall crypto trading volumes.
Market Share of Volume
Data from Kaiko highlights Bybit’s competitive fee structure as a critical factor in its market share gains. Bybit’s low fee scale has successfully attracted traders from its competitors. In contrast, other exchanges like OKX and Binance also offer low fees and zero-fee promotions.
CEX Trading Fees
Bybit has demonstrated remarkable growth in the spot market for Bitcoin and Ethereum. According to Kaiko data, Bitcoin’s market share on Bybit increased from 10% to 31%, while Ethereum’s share rose from 7% to 22% between 2023 and 2024.
Bitcoin and Ethereum Spot Markets
Kaiko reports that Binance has experienced a decline in Bitcoin and Ethereum spot volumes, now at 43%, down from 59% a year ago. Despite this, Binance continues to dominate in altcoin volumes.
Bybit Market Share of Volume
In the derivatives market, Kaiko data shows that Bybit has solidified its position as the second largest, trailing only Binance. Bybit benefitted from Binance’s regulatory challenges earlier in 2023. During the same period, OKX saw a significant reduction in its market share, decreasing from 25% to 15%.
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