Bybit OverTaken CoinBase : Kaiko Reports

However, in the blockchain exchange market, Bybit overtaken Coinbase becoming the second largest crypto exchange in the world. This development has come in handy and has been confirmed by Kaiko, one of the famous crypto Analytics platforms. There are several reasons for Bybit’s growth, some of which include the spot Bitcoin ETFs in the United States, weaker dominance of Binance, and competitive transaction fees provided by Bybit.

Some of the key drivers for the growth of Bybit are given below.

The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States shocked trading volumes across various crypto exchanges. As this contributed increased volumes for many of the platforms bybit benefited the most. The approval of these ETFs also generated a bullish market sentiment through Whicha, more consumers developed an interest in trading on the Bybit platform.

In particular, Binance – the largest crypto exchange – has experienced multiple regulatory issues in recent months, which led to the decrease of its market share from 60% to 54%. This led to erosion of market share so that the other exchanges could grab the big stake in the market. This particular aspect was well exploited by Bybit through provision of comparatively cheap transaction fees and the provision of more unique trading products.

Currently, the transaction fees remain among the lowest within the market, right behind only OKX and Binance for Bybit. This price advantage ensured it gained more market share hence the increased numbers of traders who got attracted. Bybit, as a response, set free ADC Quantity for USDC in February 2023, which made the platform even more attractive to traders who do not want to spend extra money.

The creation of the Unified Trading Account has been a revelation and a breakthrough for Bybit. It provides the sophistication of being able to trade in different types of assets as a one stop center which will make more people to become part of the platform.


The fact that Bybit overtaken Coinbase and leapfrogged to the second position has a big impact on the cryptocurrency exchange space. This is an indication that the market is ever-evolving, and therefore, calls for practicing innovativeness and flexibility. Low transaction fees, innovative trading products, and Bybit’s focus on users are credited for the platform’s success.
The regulation factor remains one of the most influential factors in determining the exchange market of cryptocurrencies. Surviving will be those exchanges that can overcome defining regulatory barriers and sustain competitive strengths. This represents Bybit’s strategic business sense when it seized on Binance’s regulatory troubles and the emergence of Bitcoin ETFs.

In the future, Bybit will face a task of sustaining this growth rate and striving to achieve even greater results. The exchange has to keep on evolving and bring new value to the table for users. In the future, maintaining a position of being well-informed about changes in regulations and developments in the crypto market will be vital for Bybit’s continuing expansion.

undefined Cryptocurrencies are rather unstable, and often, regulatory environments may also shift quickly. This means Bybit will need to remain flexible in order to overcome them and remain on top. Furthermore, threats such as competition from other exchange platforms such as Coinbase and new entrants into the market will always force Bybit to step up their operations.

Disclaimer!! The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

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