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

3 min

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%.

Kaiko report

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.

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