Kaiko Report: Cryptocurrency Exchange Bybits Market Share Rises to Second in the World

Odaily News Kaikos latest data report shows that the market share of Bybit, one of the top three cryptocurrency exchanges in the world by trading volume, has soared. The report points out that Bybit has achieved significant growth after the launch of the Bitcoin spot ETF in the United States, positioning it as a major player in the global cryptocurrency trading field. Since October 23, Bybits market share has soared from 8% to 16%, surpassing Coinbase in March of this year to become the second largest exchange after Binance. The driving force behind this growth is that the launch of the Bitcoin ETF has led to a rapid increase in trading volume and promoted global cryptocurrency trading activities. Bybits competitive advantage lies in its low transaction fees, making it one of the most cost-effective exchanges in the industry. The exchange launched zero-fee USDC trading in February 2023, effectively enhancing its competitive advantage. However, Bybits substantial growth is not just due to low fees. An analysis of spot trading volume found that Bybits trading volume growth was driven by BTC and ETH, which have risen from 17% to 53% of the market share since last year. Its rapidly expanding derivatives also support Bybits growing spot market share. In 2023, Bybit has solidified its position as the worlds second largest derivatives market after Binance. We are pleased to see Bybit continue to grow and gain wide recognition in the industry, said Ben Zhou, co-founder and CEO of Bybit. We are committed to providing low fees, a secure and reliable platform, and innovative products such as unified trading accounts to better meet the needs of our users.