Kaiko: Bybit exchange’s BTC market share has increased by 7,3% YTD
The figure for the altcoin market increased from 3% to 8%
23.04.2024 - 14:15
178
3 min
0
What’s new? Specialists of the analytics platform Kaiko analyzed trading activity on the leading global centralized crypto exchanges (CEXs) and named the Bybit platform the leader in terms of the rate of market share increase. Thus, since the beginning of the year, Bybit’s share in bitcoin trading volume has increased from 2% to 9,3%, while in the altcoin market it increased from 3% to 8%.
What else is known? Kaiko analysts note that offshore markets have become less concentrated over the past year, as smaller exchanges gained share as trading volumes recovered. This trend was especially evident in the bitcoin market, where the largest crypto exchange Binance faced increased competition due to the abolition of zero fees on bitcoin trading in pairs with some assets last year.
Thus, compared to last year, Binance’s share of the BTC market fell from more than 80% to 55%. In turn, the share of OKX increased from 3% to 7,3%. MEXC, Bithumb and Bullish exchanges also show growth. The latter late last year bought CoinDesk, a leading news publication about digital assets, which also has its own cryptocurrency indexes.
The share of smaller exchanges in BTC trading volume has increased from 8,1% to 13,1% since the beginning of the year, while in the altcoin market from 10,8% to 13,8%.
In compiling the report, Kaiko analyzed trades of the 30 largest altcoins by market capitalization and did not take into account platforms available in the United States, such as Coinbase and Kraken.
KuCoin became the leader in spot trading volume growth in March with a figure of 262%
At the same time, the exchange received a lawsuit from the US authorities in March, after which it faced a significant outflow of funds
In March, Bybit raised fees on trading open-ended and futures contracts for non-Pro users from Russia, Armenia, Ukraine, Tajikistan, Turkmenistan, Azerbaijan, Moldova, Belarus, and Georgia.
In turn, OKX announced its withdrawal from India. Later, two senior executives left the exchange at once.
In the same month, Hong Kong authorities threatened Bybit and MEXC with coercive measures due to work without registration and urged local investors not to use these platforms.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 371
BTC
+0.9%
-
Ethereum
$3 339.59
ETH
+6.63%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.39
XRP
+23.94%
-
Dogecoin
$0.387011
DOGE
+1.28%
-
Cardano
$0.860251
ADA
+10.78%
-
Bitcoin Cash
$485.08
BCH
-5.54%
-
Polkadot
$6.04
DOT
+7.64%
-
Stellar XLM
$0.283452
XLM
+17.17%
-
Litecoin
$90.03
LTC
+0.95%