Bybit Rises to Become the Second Largest Cryptocurrency Exchange

A landmark achievement has been reached by the digital exchange Bybit, now standing as the second largest cryptocurrency exchange by trading volume. This Singapore-based establishment has eclipsed Coinbase and currently sits just behind Binance in this key industry metric.

The trade volume of Bybit has soared to over $3.6 billion as per the data from CoinMarketCap, overtaking Coinbase’s $2.3 billion and OKX’s $1.7 billion. Despite this shift, Binance remains without a close competitor, having recorded a staggering $13 billion in trades within the past 24 hours.

Furthermore, Read: Coinbase, Bybit Executing Large Bitcoin Transactions Totaling $120M

Bybit Ascends to the Number Two Spot among Global Crypto Exchanges

Bybit has overtaken the highly renowned Coinbase, securing its position as the world’s second-ranking crypto exchange. The platform has achieved a significant uptick in its market share, propelled by a series of enhancements to its services and offerings, culminating in this notable rise in stature.

Reports from Kaiko reveal that Bybit’s market share has doubled from 8% to 16% since October of the previous year, compared to Coinbase’s marginal gain of 1%. Although Binance experienced a legal predicament at the end of 2023 that reduced its share from 60% to 54%, it remains the industry leader.

Read Also: Bybit Ceases UK Operations Following Regulatory Shifts

Further Kaiko insights point out Bybit’s increase in status within major CEXs (Centralized Exchanges) can be attributed to its lower fees and introduction of Spot Bitcoin ETF (Exchange-Traded Fund) trading. “Analyzing spot trade volumes by asset shows that the surge in Bybit’s volume has been primarily driven by both BTC and ETH, which have seen their combined market share skyrocket from 17% to 53% over the past year,” reported the analytics firm.

Bybit has also introduced its MasterCard-issued debit card compatibility with Apple Pay. The company’s CEO, Ben Zhao, shared news of this significant partnership via a post on X (previously known as Twitter), signifying another substantial endeavor for the exchange.