Bybit Group now accounts for 16% of the cryptocurrency exchange market. But it remains far behind Binance.

The launch of bitcoin ETFs in the United States last January boosted cryptocurrency trading volumes globally and some exchanges benefited more than others. This is the case of Bybit, which last March became the second largest crypto exchange after Binance, according to a study by Kaiko, published on June 24. Since October 2023, its market share has increased from 8% to 16% in terms of trading volumes. At the same time, it exceeds Coinbase which for its part experienced a minor increase of 1 point over the same period to reach 8%.

One of the reasons for Bybit’s success can be explained by the competitiveness of its fees, explains the study, which are among the lowest in the sector, like those of Binance or OKY for example. But it is not the only reason. The rise of Bybit “was supported by its derivative product offering”. In 2023, Bybit has consolidated its place as “the second largest derivatives market (for cryptos, Editor’s note) after Binance,” notes the study.

Bitcoin and ether in the lead

Analysis of spot trading volumes by asset reveals that the increase in volume on Bybit is mainly driven by bitcoin and ether trading. These two cryptocurrencies have increased from 17% of the platform’s total trading in 2023 to 53% in 2024. Finally, Bybit has also benefited from significant growth following the conviction of Changpeng Zhao last April. The Binance co-founder was sentenced to four months in prison for money laundering.

In June 2024, Binance still occupied 54% of the global cryptocurrency exchange market in terms of volumes, Bybit 16% of the global market and Coinbase 8%. OKX and Upbit completed the top 5 exchange platforms cryptocurrencies with 7% and 4% of the global market respectively, according to Kaiko.


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