Bybit, recognized as one of the leading cryptocurrency exchanges by trading volume, has reported a substantial increase in Bitcoin trading activity. Following the introduction of its spot trading platform in 2022, the exchange's market share has shown remarkable growth.
According to the latest quarterly report from Kaiko Research, Bybit has escalated from holding 2% of the market in 2023 to 9.3% in 2024, gaining a serious margin since the previous year's 7.3%.
The growth extends beyond Bitcoin. Bybit's altcoin trading volumes have witnessed a significant rise of 275%, growing from 2.9% to 8%. This growth coincides with the introduction of Bybit’s Unified Trading Account, suggesting a correlation with the exchange's user-friendly initiatives.
The platform's strategic focus on serving both new and seasoned investors is paying off, evidenced by a 180% increase in institutional clients over the past year. Bybit attributes its success to a steadfast dedication to customer service, security and ongoing technological enhancements.
Ben Zhou, Bybit's cofounder and CEO, remarked on the achievement, highlighting the platform's commitment to innovation and the trust of its user base. "We are committed to maintaining our role at the forefront of the crypto trading industry," Zhou commented.
Bybit is intent on sustaining its growth trajectory, aiming to continuously innovate and adapt to the evolving demands of the cryptocurrency community. Bybit's growth continues, aiming for an even more substantial increase in market presence in the future.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov