Popular cryptocurrency exchange Bybit overtakes Coinbase to rank as the second biggest cryptocurrency exchange by trading volume. Its new feat implies that it closely follows Binance in the exchanges’ rankings, while Coinbase dropped to the third spot.
Bybit has overtaken Coinbase to become the second-largest trading exchange globally. This milestone marks Bybit's rapid rise and growing impact in the crypto market.
— Cryptic (@Cryptic_Web3) June 26, 2024
🔹 @Bybit_Official trading volume exceeds Coinbase.
🔹 Demonstrates Bybit's strong platform and user confidence.… pic.twitter.com/ipI8cYiiYv
Statistical Data Overview, As Bybit Overtakes Coinbase
In a recent analysis conducted by Kaiko, Bybit now controls an estimated 16% of global crypto exchange trading volume ahead of Coinbase, with about 8% as of June 2024.
The analysis further shows that as of October 2023, Bybit controlled only about 8% of the total market volume, half of its market share presently, entailing that the exchange had doubled its market dominance in just eight months.
On the other hand, Coinbase exchange had only increased from a 7% market share to 8% within the same time frame, as stated in the analysis report.
Reasons Behind Bybit’s Recent Feat
Kaiko attributes Bybit's surge in trading volumes to the exchange benefiting the most from the spot Bitcoin Exchange Traded Funds (ETFs) launched in the United States earlier this year.
In addition, low transaction charges on the Bybit trading platform contributed to the surge in its market volume. In a nutshell, low fees combined with several free feature campaigns underscores the exponential surge in the exchange’s market statistics that saw Bybit overtake Coinbase, establishing the possibility of attaining Binance's levels.
Binance Records Declines While Still Maintaining Top Spot
It is also worth noting that Binance's market share plummeted from 60% in October 2023 to 54% as of June 2024. Since last year, the U.S. SEC and other regulatory bodies around the globe have had several legal confrontations with Binance, restricting its services to crypto users worldwide.
The challenges above and other internal crises contributed to Binance's declining market share, and speculations arose that Bybit benefitted from Binance's regulatory predicament. Bybit must do much work to displace Binance from the top spot. However, Coinbase still has chances to reclaim its second spot if Bybit slips.
