Bybit Surpasses Coinbase’s Market Share

Bybit has overtaken Coinbase to become the second-largest cryptocurrency exchange in the world.

According to a report by Kaiko on June 25, Bybit has seen a surge in trading that has propelled it to the second spot in terms of trading volume among centralized crypto exchanges (CEX).

This shift in ranking is a result of the exchange’s market share doubling from 8% to 16% since October, surpassing Coinbase in March. In comparison, Coinbase’s market share has only increased by 1% during the same period, despite reporting improved profits and revenue.

The rise in Bybit’s market share could be partly attributed to Binance’s recent regulatory challenges, causing the world’s largest crypto exchange to lose some of its dominance in the industry.