Bybit Becomes a Front-Runner in 2024 Bitcoin Trading Volume
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April 24, 2024 12:15:56 ET
Establishing itself among the top three giants in the cryptocurrency exchange sector based on trading volume, Bybit announces a marked surge in Bitcoin transactions, cementing its authority as a premier destination for crypto traders.
Rise in Bybit’s Bitcoin Market Dominance
Following its spot trading feature roll-out in 2022, Bybit has witnessed extraordinary expansion, with its Bitcoin market dominance rocketing from 2% in 2023 to an impressive 9.3% in 2024.
A nearly fivefold upswing, identified in Kaiko Research’s latest quarterly report, underscores Bybit’s quick elevation within the fervently competitive digital currency trading landscape.
Diversification into Alternative Coins
Beyond Bitcoin achievements, Bybit has proliferated in the altcoin domain – a space inclusive of all cryptocurrencies excluding Bitcoin.
During this analogous time frame, Bybit’s altcoin trading volume market share grew from 2.9% to a notable 8%, an ascent of 275%, driven in large part by the advent of Bybit’s Unified Trading Account.
Bybit credits its remarkable growth to its diverse product suite and dedication to customer satisfaction, aimed at attracting both novices and experts in trading.
The platform witnessed a staggering 180% rise in institutional clients over the prior year, a growth spurt reinforced by its unwavering dedication to top-notch customer service, robust security protocols, and constant innovation.
A statement from Ben Zhou, Bybit’s co-founder and CEO, shows his enthusiasm for the firm’s progress,
“Witnessing our strategic vision and unwavering dedication to serving our users come to life in our expanding market share is a matter of great pride for us at Bybit. This significant growth milestone validates our commitment to refined trading options and the trust our clientele places in us. With the crypto industry’s constant evolution, Bybit is on the cutting edge, poised to define new benchmarks in cryptocurrency exchange services.”
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