Bybit has dethroned Coinbase as the world’s second-largest crypto exchange by trading volume.
Bybit has achieved the status of the second-largest cryptocurrency exchange, a significant milestone for the platform.
Currently, the Singaporean-based platform is second only to Binance in terms of trading volume, having surpassed Coinbase.
CoinMarketCap reports that Bybit’s trading volume exceeds $3.6 billion at present. That amount surpasses both Coinbase’s $2.3 billion and OKX’s $1.7 billion.
However, it does not appear that there is a competitor for Binance, which has officially transacted $13 billion in the past 24 hours.
Although Coinbase is one of the most renowned crypto platforms, Bybit has officially surpassed it to become one of the top two cryptocurrency exchanges in the world.
The platform has achieved its most recent landmark position as a result of enhancements to its overall platform and a significant increase in market share.
Bybit’s market share has increased from 8% to 16% since October of last year, as per Kaiko. Coinbase has only experienced a 1% increase during the same period.
Binance’s market share has decreased from 60% to 54% as a result of the legal complications it encountered after 2023, despite the fact that it continues to dominate the sector.
Kaiko data also indicates that its position among the top CEXs has been influenced by reduced fees in comparison to competitors and Spot Bitcoin ETF trading.
“The analytic platform revealed that the increase in volume on Bybit has been driven by both BTC and ETH, whose market share has increased from 17% to 53% since last year, as evidenced by the analysis of spot trade volumes by asset.”
Furthermore, Bybit has observed that its MasterCard-issued debit card is accessible via Apple Pay.
In a post to X (formerly Twitter), the exchange’s CEO, Ben Zhou, officially announced the integration, revealing yet another significant collaboration for the exchange.
