Crypto exchange Coinbase has been surpassed in volume by Bybit since October, according to analytics firm Kaiko.<\/p>\n
In a new report<\/a>, Kaiko says that the launch of Bitcoin (BTC<\/a>) exchange-traded funds (ETFs) in the US has helped Bybit more than others in its push for market dominance.<\/p>\n \u201cThe launch of spot Bitcoin ETFs in the US has significantly boosted global crypto trading volumes. However, not all exchanges have benefited equally from the rally that started in October.<\/em><\/p>\n One exchange has by far made the most gains: Bybit. Since October, the exchange\u2019s market share has surged from 8% to 16%, surpassing Coinbase in March to become the second-largest exchange after Binance.<\/em><\/p>\n Despite reporting improved revenue and profits, Coinbase\u2019s global market share has seen only a minor increase of 1% over the same time period.\u201d<\/em><\/p>\n According to Kaiko, Bybit\u2019s low fees could be a key factor behind the exchange\u2019s growth.<\/p>\n \u201cHowever, other offshore exchanges like Binance and OKX also offer low fees, and many exchanges have ongoing zero-fee promotions and reward campaigns. Bybit launched zero fees for USDC trading in February 2023, while Binance has promoted TUSD and FDUSD over the past year. This suggests that while low fees contribute to Bybit\u2019s competitive edge, they are not the only reason for its rise.\u201d<\/em><\/p>\n According to Kaiko, Bitcoin and Ethereum (ETH<\/a>) trading have aided Bybit\u2019s growth as the exchange\u2019s market share of the two leading digital assets has grown from 17% to 53% over the last 12 months.<\/p>\n \u201cBybit\u2019s growing spot market share has also been supported by its rapidly growing derivatives offering. In 2023, Bybit cemented its place as the second-largest derivative market after Binance.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Crypto exchange Coinbase has been surpassed in volume by Bybit since October, according to analytics firm Kaiko. In a new report, Kaiko says that the launch of Bitcoin (BTC) exchange-traded funds (ETFs) in the US has helped Bybit more than others in its push for market dominance. \u201cThe launch of spot Bitcoin ETFs in the […]<\/p>\n","protected":false},"author":2,"featured_media":331205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-331203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/331203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=331203"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/331203\/revisions"}],"predecessor-version":[{"id":331207,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/331203\/revisions\/331207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/331205"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=331203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=331203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=331203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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