Crypto Exchange Bybit Witnesses Eightfold Market Share Growth

Despite the volatility in the cryptocurrency market, Bybit, which has over 20 million users and is among the top three exchanges globally in terms of volume, has grown remarkably in 2023. According to recent statistics from Kaiko, Bybit outperformed the other leading exchanges in terms of growth in spot market share, enhancing its standing as a trusted trading platform.

Bybit’s market share increased eightfold to 9.4% by the end of 2023 from its starting 1.1% at the beginning of the year. This exponential rise shows how popular and resilient Bybit is under adversity.

The volume of cryptocurrency trading is increasing as the market steadies. Spot trade volumes on centralized exchanges increased for a third straight month in December, jumping 34.0% to $1.34 trillion, the largest since June 2022, according to statistics from CCData. This rebound in trading activity demonstrates the revived faith in the cryptocurrency space and emphasizes Bybit’s capacity to prosper in a changing and dynamic market.

Eugene Cheung, Head of Institution at Bybit, remarked:

“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.”

The advent of cutting-edge products like the Exchange Broker Program and Unified Trading Account, which provide unmatched liquidity flexibility and cutting-edge technologies that accelerate customer success, is directly responsible for this outstanding achievement.