On the other hand, Binance's dominance declined to 54 percent.
Bybit has surpassed Coinbase to become the second-largest cryptocurrency exchange in terms of volume, according to a recent report published by Kaiko. It is now only behind Binance, which dominates the market.
Second-Largest Crypto Exchange
The report outlined that Bybit’s market share surged from 8 percent in October 2023 to 16 percent in June 2024, the highest growth rate among the top exchanges. Coinbase also improved its market share by merely a single percentage point, from 7 percent to 8 percent in the same period. The demand on Bybit surpassed the volume handled by Coinbase last March.
However, Binance lost market share, as its dominance declined to 54 percent of the total volume in June, compared to 60 percent last October.
Bybit's spot trading offering has been driven by Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalisation. The share of these two cryptocurrencies on the exchange jumped to 53 percent from merely 17 percent last year.
Market leader Binance, on the other hand, witnessed declining demand for Bitcoin and Ethereum, which dropped to 43 percent from 59 percent a year ago. However, it saw a stronger increase in altcoin volume.
Finance Magnates earlier reported that the number of registered users on Bybit surpassed 30 million recently, as the exchange increased its customer base by 10 million over the last six months.
Low-Fee Is a Factor
Kaiko pointed out that one factor that could have benefited Bybit “could be its competitive fees, which are among the lowest in the industry.” Indeed, the exchange introduced zero-fee trading for Circle’s USD (USDC) stablecoin in February.
“However, other offshore exchanges like Binance and OKX also offer low fees, and many exchanges have ongoing zero-fee promotions and reward campaigns… This suggests that while low fees contribute to Bybit's competitive edge, they are not the only reason for its rise,” the report added.
Bybit has surpassed Coinbase to become the second-largest cryptocurrency exchange in terms of volume, according to a recent report published by Kaiko. It is now only behind Binance, which dominates the market.
Second-Largest Crypto Exchange
The report outlined that Bybit’s market share surged from 8 percent in October 2023 to 16 percent in June 2024, the highest growth rate among the top exchanges. Coinbase also improved its market share by merely a single percentage point, from 7 percent to 8 percent in the same period. The demand on Bybit surpassed the volume handled by Coinbase last March.
However, Binance lost market share, as its dominance declined to 54 percent of the total volume in June, compared to 60 percent last October.
Bybit's spot trading offering has been driven by Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalisation. The share of these two cryptocurrencies on the exchange jumped to 53 percent from merely 17 percent last year.
Market leader Binance, on the other hand, witnessed declining demand for Bitcoin and Ethereum, which dropped to 43 percent from 59 percent a year ago. However, it saw a stronger increase in altcoin volume.
Finance Magnates earlier reported that the number of registered users on Bybit surpassed 30 million recently, as the exchange increased its customer base by 10 million over the last six months.
Low-Fee Is a Factor
Kaiko pointed out that one factor that could have benefited Bybit “could be its competitive fees, which are among the lowest in the industry.” Indeed, the exchange introduced zero-fee trading for Circle’s USD (USDC) stablecoin in February.
“However, other offshore exchanges like Binance and OKX also offer low fees, and many exchanges have ongoing zero-fee promotions and reward campaigns… This suggests that while low fees contribute to Bybit's competitive edge, they are not the only reason for its rise,” the report added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
X Open Hub’s CEO, Michal Copiuk, on the developments of AI
X Open Hub’s CEO, Michal Copiuk, on the developments of AI
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
FX and CFDs in Africa: Key Industry Trends | FMAS:24
FX and CFDs in Africa: Key Industry Trends | FMAS:24
As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
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As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
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Asset Allocation & Trading in a Lower Interest Rate Environment | FMAS:24
Asset Allocation & Trading in a Lower Interest Rate Environment | FMAS:24
Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.
SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
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Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.
SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
📣 Stay updated with the latest in finance and trading!
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