Singapore-based crypto exchange Bybit has surpassed US-based Coinbase to become the second-largest digital asset trading platform, following Binance. A report from Kaiko reveals Bybit's market share has doubled from 8% to 16% since October 2023, while Coinbase's share grew by just 1%.

Several factors have contributed to Bybit's growth, including the launch of spot Bitcoin ETFs in the US and Binance's declining dominance due to regulatory issues. While these events increased trading volumes across all exchanges (except Binance), Bybit recorded the most gains.

Bybit's rising transaction volumes can't solely be attributed to Binance's challenges and the US spot Bitcoin ETF market. Kaiko also highlighted Bybit's competitive transaction fees and increased Bitcoin (BTC) and Ether (ETH) transaction market shares. Bybit's transaction fees are among the lowest in the crypto market, and it has seen its BTC and ETH spot trade volume market share increase from 17% to 53% since 2023.

Bybit's co-founder and CEO Ben Zhou expressed excitement over the exchange's growth and industry recognition, attributing it to competitive fees, a secure platform, and innovative products like the Unified Trading Account.