Push For Dominance: Bybit Surpasses Coinbase To Become Second-Largest Crypto Exchange | Bitcoinist.com



In
a
remarkable
milestone
for
the
cryptocurrency
sector,


Bybit
,
a
leading
Singapore-based
crypto
exchange
has
surpassed
San
Fransisco-based
crypto
exchange
Coinbase
in
terms
of
trading
volume,
securing
its
position
as
the
second-largest
crypto
exchange
in
the
world.


This
milestone
demonstrates
Bybit’s
quick
expansion
and
growing
power
in
the
global
digital
asset
market
as
it
draws
in
an
ever-widening
range
of
users.
The
accomplishment
occurs
in
the
midst
of
a
competitive
and
dynamic
environment
for
cryptocurrency
exchanges,
where
platforms
are
always
coming
up
with
new
ideas
to
gain
market
dominance.

How To Get Free Crypto  


Bybit’s
Overall
Market
Shares
Doubles


As
of
the
latest
market
data,
Bybit
is
now
barely
behind
Binance,
the
world’s
largest
cryptocurrency
exchange,
with
its
trading
volume
having
surged
past
that
of


Coinbase
.
The
crypto
exchange
has
successfully
scaled
its
operations
and
improved
its
platform
to
serve
both
retail
and
institutional
traders,
as
this
achievement
highlights.


According
to


data


from
Kaiko,
since
October
2023,
Bybit’s
market
share
has
climbed
from
8%
to
16%,
while
Coinbase’s
share
has
increased
by
1%
during
the
same
time
frame.
Even
though


Binance


reached
a
settlement
with
US
regulators
in
late
2023,
which
may
have
reduced
its
regulatory
worries,
the
exchange’s
dominance
has
been
declining
since
October,
falling
from
60%
to
54%.

Coinbase Banner  


Kaiko
reported
that
the
increase
in
the
platform’s
trading
volume
was
driven
by
various
factors
such
as
the
new
Bitcoin
Exchange-Traded
Funds
(ETFs)
offerings
and
affordable
gas
fees,
which
are
among
the
lowest
in
the
sector.


Over
time,
Bybit
has
successfully
embraced
a
user-centric
strategy
by
providing
a
wide
selection
of
cryptocurrencies
competitive
trading
fees,
and
cutting-edge
trading
tools.


In
February
2023,
the
platform
introduced
free
trading
for
USDC,
whereas
Binance
has
been
promoting
TUSD
and
FDUSD
for
the
last
year.
Although
the
exchange’s
low
fees
give
it
a
competitive
advantage,
Kaiko
noted
that
they
are
not
the
main
cause
of
the
growth.


Kaiko’s
analysis
of
spot
trade
volumes
by
asset
shows
that


Ethereum


and


Bitcoin
,
whose
market
shares
have
increased
from
17%
to
53%
since
last
year,
have
also
contributed
significantly
to
the
volume
surge
on
Bybit.


Surge
In
Derivatives
Trading
Offerings


It
is
important
to
note
that
Bybit
has
demonstrated
initiative
in
introducing
new
services,
including
derivatives
trading
and
an
extensive
array
of
trading
tools,
that
have
found
favor
with
a
worldwide
audience. 

FreeBitcoin Banner  

Related
Reading:

Don’t
Get
Bitten!
France
Cracks
Down
On
Unregistered
Crypto
Platform
Bybit


According
to
Kaiko’s
report,
the
crypto
exchange’s
fast-growing
derivatives
offering
has
also
contributed
to
its
extensive
spot
market
share.
The
platform
derivative
market
witnessed
a
notable
surge
in
2023,
solidifying
its
position
as
the
second-largest
after
Binance.


Bybit
saw
considerable
growth
in
the
first
half
of
2023,
despite
the
fact
that
its
market
share
of
open
interest
has
been
unchanged
since
October.
This
would
suggest
that


Binance’s
regulatory
issues


contributed
to
the
exchange’s
growth.

Overall
crypto
market
cap
at
$2.219
trillion
|
Source:
TOTAL
on

Tradingview.com

Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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