Bybit, the world’s third-largest cryptocurrency exchange by volume, reported an eight-fold market share in 2023

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”, the company said.

„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.” according to the press release.

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.” the compa y explained.

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.”