 Bybit platform occupies the second place as the largest platform for trading cryptocurrencies in the world
Bybit, a cryptocurrency trading platform based in Singapore, has surpassed its American competitor Coinbase, becoming the second largest platform for trading digital assets after Binance.
According to a report by cryptocurrency analytics platform Kaiko, Bybit's market share has risen from 8% to 16% since October 2023, while Coinbase's share has seen a slight increase of 1% over the same period.
Thanks to this steady growth, Bybit surpassed its competitor Coinbase in March, becoming the second largest cryptocurrency trading platform after Binance.
Factors contributing to the growth of the Bybit platform:
Several factors have contributed to Bybit's position, including the launch of spot Bitcoin exchange-traded funds in the United States and the decline of Binance's dominance due to regulatory issues.
The “Kaiko” report indicated that these events increased trading volumes for all cryptocurrency exchanges, with the exception of Binance, but Bybit benefited the most, recording the largest gains, while Coinbase saw a slight increase despite recording higher profits and revenues.
Binance was not the only exchange affected by regulatory challenges.
Other trading platforms such as Upbit and OKX saw a decrease in trading volumes for unknown reasons.
Binance's dominance has declined from 60% to 54% since its $4.3 billion settlement with US authorities in late 2023.
Ben Zhu, co-founder and CEO of Bybit, expressed his happiness with the company’s continued growth, saying:
We are excited to see BYBIT's continued growth and recognition in the industry.
Our commitment to providing competitive fees, a secure platform, and innovative products like a unified trading account have resonated with our users.
Bybit's transaction fees are among the lowest in the cryptocurrency market, next to OKX and Binance.
Just like some other trading platforms that offer zero-fee promotions for assets like TrueUSD (TUSD) and First Digital USD (FDUSD), Bybit implemented zero fees on USD Coin (USDC) in February 2023.
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