Popular cryptocurrency exchange Bybit has made headlines with its recent performance.
A report by Simplicity Group Research has revealed that cryptocurrency exchange Bybit is outperforming its competitors in token listing performance.
The report analyzed the token price changes of major crypto exchanges such as Binance, Coinbase, OKX, Gate.io, MEXC, and KuCoin, and stated that Bybit performed the best with a 2738% price increase on the first day of listings.
According to the report, Bybit’s first-day performance stood out as a great opportunity for short-term investors. However, it was also emphasized that one should be careful about the high volatility that comes after such rapid price increases.
Even when statistical outliers are removed, Bybit’s performance is reportedly quite strong compared to other major exchanges.
The report stated that Binance achieved an average increase of 111% on its first day, while Coinbase was limited to a 24% gain. It was also added that Coinbase's token prices fell by an average of 1.87% at the end of the first week, drawing a negative picture compared to its competitors.
Rises and falls occurred in every altcoin
It was emphasized that Bybit recorded a price increase of 539% at the end of the first day, but this increase was balanced by a decrease of up to 2200% within a week. It was stated that Bybit's price movements showed strong liquidity and demand for newly listed tokens, and that this level of volatility could pose a risk for investors.
While exchanges like KuCoin and OKX showed more stable price changes, the report noted that Bybit experienced much more significant price fluctuations, especially in the first two days. For example, it was reported that token prices on Bybit experienced a 313% decrease on the second day.
According to the results of the report, it was emphasized that the effect of liquidity on price fluctuations was great in the first days, but this effect decreased from the second day onwards.
Noting the difficulty of evaluating the performance of tokens listed on multiple exchanges at the same time, the report suggested that tokens listed on the same date should be analyzed in future research.
Stay tuned for new information.
