Bybit Becomes Second Largest Crypto Exchange

Joshua Ramos
Bybit exchange
Source: Capital

In what is a milestone moment for the platform, Bybit has become the second-largest cryptocurrency exchange. The Singaporean-based platform has surpassed Coinbase in trading volume, now trailing only Binance in the metric.

Bybit currently has a trading volume of more than $3.6 billion, according to CoinMarketCap. That figure exceeds both Coinbase’s $2.3 billion and OKX’s $1.7 billion. Yet, there doesn’t appear to be a challenger for Binance, which has officially seen $13 billion traded in the last 24 hours alone.

Also Read: Coinbase, Bybit See Big Bitcoin Transactions Totaling $120M

Bybit Becomes Top Two Crypto Exchanges by Trading Volume

Despite Coinbase being among the most well-known crypto platforms, Bybit has officially surged past it to be among the top 2 cryptocurrency exchanges in the world. The platform has seen a notable increase in market share, and improvements to its overall platform led it to its most recent landmark position.

According to Kaiko, since October of last year, Bybit has seen its market share increase from 8% to 16%. In that same time, Coinbase has only seen a 1% increase. Due to the legal troubles it faced at the end of 2023, Binance has seen its share drop from 60% to 54%, although it still leads the sector.

Also Read: Bybit To Halt Operations in the UK After Regulatory Changes

Kaiko data also notes that lower fees relative to competitors and Spot Bitcoin ETF trading has impacted its position among top CEXs. “Analyzing spot trade volumes by asset reveals that the increase in volume on Bybit has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year,” the analytic platform revealed.

Additionally, Bybit has seen its MasterCard-issued debit card available on Apple Pay. The exchange’s CEO Ben Zhao announced the integration in a post to X (formerly Twitter), unveiling yet another massive collaboration for the exchange.