April 16, 2024

Bybit’s Market Share Eightfolded Amidst Record-Breaking $1.34tn Total Spot Trading Market Size

Bybit, one of the world’s top three crypto exchanges by volume with over 20 million users, has experienced remarkable growth in 2023 despite the turbulence in the crypto market. Recent data from Kaiko reveals that Bybit recorded the largest increase in spot market share among top exchanges, solidifying its position as a trusted platform for traders.

By the end of 2023, Bybit’s market share skyrocketed eightfold to 9.4% from its initial 1.1% in early 2023. This exponential growth demonstrates Bybit’s resilience and popularity during uncertain times.

As the market stabilizes, crypto trading activity is rebounding. According to data from CCData, In December, spot trading volumes on centralized exchanges rose for the third consecutive month, rising 34.0% to $1.34tn, recording the highest spot trading volumes since June 2022. This resurgence in trading activity highlights the renewed confidence in the crypto market and further underscores Bybit’s ability to thrive in a dynamic and evolving industry.

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.”

This remarkable success can be directly attributed to the launch of innovative solutions like the  Unified Trading Account and Exchange Broker Program, providing unparalleled liquidity flexibility and advanced tools that propel client success.

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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