The Singapore-based cryptocurrency exchange Bybit has overtaken its rival, the U.S.-based Coinbase, to become the second-largest digital asset trading platform after Binance.
According to a press release citing a report from crypto analytics platform Kaiko, Bybit’s market share has surged from 8% to 16% since October 2023, while Coinbase’s share increased by 1% over the same period. Due to the steady growth, Bybit surpassed Coinbase in March to become the second-largest crypto exchange.
Bybit Becomes Second-Largest Exchange
Several factors contributed to Bybit’s growth, including the launch of spot Bitcoin exchange-traded funds in the United States and Binance’s weakened dominance due to regulatory issues.
Kaiko noted that while both incidents led to increased trading volumes for all crypto exchanges, except Binance, not all entities benefited equally, especially from the rally that preceded the approval of the spot Bitcoin ETFs. Bybit recorded the most gains, while Coinbase sa
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