Coinbase Drops to Third Place in Global Ranking

Exciting developments in the world of cryptocurrency trading are shaking up the ranks! The popular American exchange Coinbase is facing stiff competition as new players enter the game with the launch of spot Bitcoin ETFs in the U.S.

The latest data from blockchain analytics firm Kaiko reveals that Coinbase has slipped from its position as the second-largest brand in terms of global trading volume. Since October 2023, Coinbase’s market share has decreased from 11% to 8%, while rival Bybit now commands about 16% of the trading volume worldwide.

Take a look at the market share of crypto exchanges | Source: Kaiko

Bybit’s strategic move to lower trading fees has paid off in terms of market share growth. Kaiko emphasizes that the exchange’s success is not solely due to cost reduction but also to benefiting from Binance’s regulatory challenges.

When analyzing spot trade volumes by asset, we see that Bybit’s surge in volume is driven by both BTC and ETH, with their market share rising from 17% to 53% over the past year,” explains Kaiko’s analysts.

Report: Coinbase loses second place in global top ranking - 2

Comparison of crypto exchanges based on trading fees | Source: Kaiko

On the other hand, Binance has experienced a significant increase in altcoin volume. Although still leading in market share at 54%, its share of Bitcoin and Ethereum volume has dropped from 59% to 43% this year. Kaiko speculates that market sentiment fluctuations, especially in bear markets, may be driving this change.

Despite Bybit’s impressive growth, some hesitations are emerging from Wall Street. Recent reports suggest that Citadel Securities-backed prime brokerage firm Hidden Road has halted access to Bybit for its clients due to disagreements over KYC/AML procedures. While Bybit has not addressed this publicly, a spokesperson assures transparency and promises updates as the review progresses.

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