Recent data from on-chain analyst Kaiko reveals that Bybit recorded the largest increase in spot market share among top-tier cryptocurrency exchanges, solidifying its position as a trusted platform for various groups of traders.
Bybit solidifies its positions with 700% market share increase
By the end of 2023, Bybit's market share skyrocketed eightfold to 9.4% from its initial 1.1% in early 2023. This exponential growth demonstrates Bybit's resilience and popularity during uncertain times, an official statement by the team says.
As such, it took less than 12 months for the exchange to increase its trading volume metrics by over 700%. This is the most impressive upsurge in the CEX segment that has happened amid Binance (BNB) regulatory uncertainty.
This accomplishment was registered despite the watchdogs attacking Bybit in crucial jurisdications. For instance, in mid-September 2023, it was forced to leave the U.K. market as a result of draconian regulations established for crypto marketing strategies.
Commenting on the achievement, Eugene Cheung, Head of Institution at Bybit, reaffirmed its commitment to building a premium CEX service for customers from across the globe:
Bybit's success in expanding its market share amidst crypto market volatility positions the exchange as a reliable and trusted platform for institutional clients worldwide. With a commitment to collaboration and partnerships, Bybit is well positioned to offer a dynamic trading environment for both market makers and market takers, fostering mainstream adoption and contributing to the long-term stability of the cryptocurrency ecosystem.
As covered by U.Today previously, in 2023, Bybit exceeded 20 million in active user accounts on the platform for the first time.
Spot trading volume surges to levels unseen since June 2022
As the market stabilizes, crypto trading activity is rebounding. According to data from CCData, in December, spot trading volumes on centralized exchanges rose for the third consecutive month, rising 34.0% to $1.34 trillion, recording the highest spot trading volumes since June 2022.
June 2022 was the most painful point of the 2022 crypto crash: as the Terra/Luna ecosystem had already collapsed, Voyager and Celsius filed for bankruptcy.
This resurgence in trading activity highlights renewed confidence in the crypto market and further underscores Bybit's ability to thrive in a dynamic and evolving industry.
Alex Dovbnya
Gamza Khanzadaev
Denys Serhiichuk
