2024-04-24 12:15:56 ET
Bybit, already recognized as one of the world’s top three cryptocurrency exchanges by trading volume, has reported a substantial increase in Bitcoin trading activity, affirming its position as a leading platform in the crypto trading space.
Bybit’s market share jumps
Since launching its spot trading platform in 2022, Bybit has seen remarkable growth, with its Bitcoin market share soaring from 2% in 2023 to 9.3% in 2024.
This significant rise, documented in the latest quarterly report by Kaiko Research, represents a nearly 400% increase, highlighting Bybit’s rapid ascent in the competitive cryptocurrency trading market.
Expansion beyond Bitcoin
In addition to its success with Bitcoin, Bybit has also expanded its presence in the altcoin market — encompassing all cryptocurrencies other than Bitcoin.
Over the same period, its market share for altcoin trading volumes grew from 2.9% to 8%, marking a 275% increase, largely fueled by the introduction of Bybit’s Unified Trading Account.
Bybit attributes much of its success to its product offerings and customer service, which cater to both new and seasoned investors.
The exchange has seen a 180% growth in institutional clients over the past year, bolstered by its commitment to superior customer service, enhanced security measures, and continuous technological advancements.
Ben Zhou, co-founder and CEO of Bybit, expressed his pride in the company’s achievements, stating,
“We are immensely proud to see Bybit’s strategy and commitment to user-centric innovation being reflected in our growing market share. This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”
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