Ethereum

Bitcoin

In a remarkable milestone for the cryptocurrency sector, <a href="https://bitcoinist.com/bybit-u-turn-canada-market-abandon-amid-regulatory/" target="_blank" rel="noopener ">Bybit</a>, 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. 
<h2 id="bybit-s-overall-market-shares-doubles">Bybit’s Overall Market Shares Doubles</h2> 
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 <a href="https://bitcoinist.com/coinbase-1-bitcoin-outflow-institutional-buying/" target="_blank" rel="noopener ">Coinbase</a>. 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 <a href="https://marketing.kaiko.com/bitcoins-dwindling-volatility-signals-maturity?ecid=AOKeC1aCLLPrJ1QXn4NAOdVj1uJcqdEubbJsYtR80SR9UTIDIRaFmA-qc1oafm8PkKmij8m6vldk&amp;utm_campaign=Research%20newsletter&amp;utm_source=hs_email&amp;utm_medium=email&amp;utm_content=90062290" target="_blank" rel="noopener nofollow">data</a> 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 <a href="https://bitcoinist.com/binance-hits-milestone-breaks-200-m-user-barrier/" target="_blank" rel="noopener ">Binance</a> 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%. 
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 <a href="https://bitcoinist.com/bitcoin-users-flee-bearish-price-ethereum-break/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://bitcoinist.com/bitcoin-whales-quietly-buy-439-btc-market-panics/" target="_blank" rel="noopener ">Bitcoin</a>, whose market shares have increased from 17% to 53% since last year, have also contributed significantly to the volume surge on Bybit. 
<h2 id="surge-in-derivatives-trading-offerings">Surge In Derivatives Trading Offerings</h2> 
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.&nbsp; 
Related Reading: <a href="https://bitcoinist.com/france-blocks-cypto-exchange-bybit/" target="_blank" rel="noopener ">Don’t Get Bitten! France Cracks Down On Unregistered Crypto Platform Bybit</a> 
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 <a href="https://bitcoinist.com/binance-counters-13-billion-lawsuit/" target="_blank" rel="noopener ">Binance’s regulatory issues</a> contributed to the exchange’s growth. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/DCVrjhYP/" alt="Crypto" width="2283" height="1351">

Push For Dominance: Bybit Surpasses Coinbase To Become Second-Largest Crypto Exchange

Mục lục

Bitcoinist

Các bài viết khác được xuất bản trên 26 thg 6, 2024

Florida man convicted in cryptocurrency theft home invasions

Another Major USDC Burn: Circle Destroys Millions of Stablecoins Again

It’s crypto, not the economy, stupid

Stacks (STX) Eyeing a Reversal: Could It Flip Toward The $2 Mark?

Senior Analyst Predicts Crypto Market Trends

NIN data for N100: “Minister of Interior, NIMC, NDPC investigating breach”- Minister of Communica...

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!