A recent report analyzed the performance of tokens across multiple cryptocurrency exchanges, showing that Bybit stands out as a top contender in terms of price gains on Day 1.
According to data compiled by Simplicity Group Research, the report compared the average percentage change in token prices of major exchanges such as Binance, Coinbase, OKX, Gate.io, MEXC, Bybit, and KuCoin after listing.
While Bybit offers significant opportunities for short-term traders on Day 1, the report also advises caution due to the inherent volatility that follows.
The chart depicts the average 1-week performance of tokens on exchanges. Source: Simplicity Group Research Report
Competitor Analysis
According to the report, Bybit's average Day 1 token listing price increase was 2,738%, the highest among the eight crypto exchanges evaluated. Even after removing statistical outliers, Bybit still maintained a superior Day 1 performance compared to other exchanges.
Specifically, Binance recorded an average increase of 111% and Coinbase only achieved an average increase of 24% on Day 1. Furthermore, when considering weekly price changes, Coinbase's average token price fell sharply compared to its competitors, with an average decrease of -1.87%.
The chart depicts the average performance of Day 1, Day 2, Day 3 and 1 week of tokens on exchanges. Source: Simplicity Group Research Report
Warning about price sustainability
While Bybit showed an average price increase of 539% by the end of the first week, this was down about 2,200% from Day 1. The price volatility on Bybit showed a sharp change between Day 1 and Day 2. Unlike KuCoin and OKX, which had more stable price changes during the week, token prices on Bybit dropped about 1,906% after Day 1 and 313% after Day 2.
The chart depicts the distribution of price changes of tokens listed on Bybit. Source: Simplicity Group Research Report
Key points from the report
The report highlights the important role of liquidity and its connection to initial price movements, pointing out that liquidity “is virtually irrelevant by day two.”
Simultaneous listings on multiple exchanges can create outliers, making it difficult to accurately assess the performance of individual exchanges. Future studies may need to analyze tokens with identical listing dates to gain a clearer picture.
In short, the data from the report shows that trading performance can be unpredictable and major exchanges like Binance and Coinbase may not maintain high performance like Bybit in the long term.
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