The Block data: Coinbase firmly leads the US dollar market! Crypto.com and Bybit stand out

This site (120bTC.coM): As 2024 is halfway through, The Block data points out that Crypto.com and Bybit seem to have successfully stood out in the fierce competition in the North American market and global offshore exchanges, both Steady and quite productive volume growth was achieved in the first half of the year.

USD market: Coinbase firmly takes the lead, Crypto.com stands out

First we saw the world’s largest crypto market. As the first choice for large institutions, listed exchange Coinbase still maintains its leadership in the North American market. In the second quarter of the crypto market Although the popularity has slowed down, it still maintains a certain scale of trading volume, with the average monthly spot trading volume reaching US$72.3 billion.

It is worth mentioning that Crypto.com benefited from last year’s bull market and successfully achieved the largest increase in transaction volume, and its transaction volume did not decrease as the popularity subsequently weakened.

Specifically, Coinbase’s spot trading volume has dropped by 62.2% since March this year, while Crytpo.com has only dropped by 33.2%.

Looking at the market share chart based on USD spot trading volume, you will find that Crypto.com’s market share has also grown significantly, rising from 3.89% to 24.49% since last year.

It is not difficult to find that large exchanges including Kraken and LMAX Digital have become one of the victims of Crypto.com’s market share, both losing 5 to 8 percentage points.

Asia market: Bybit has been the runner-up for five consecutive months

As for the Asian market, Binance is still the largest exchange and has maintained stable and abundant trading volume despite the pending lawsuit with the SEC. Average monthly spot trading volume is still $555 billion.

However, ByBit has become the second largest exchange in the world in terms of spot trading volume for five consecutive months. Its global market share has begun to grow steadily since 4.8% in the same period last year, and has reached an astonishing 10.6%, setting a record high.

This can also be clearly seen from the spot trading volume chart of non-USD-based exchanges. Bybit and Crypto.com have embarked on a similar market growth path and successfully survived the decline in popularity in the past few months. Retained most of the trading volume.

Interestingly, both Crypto.com and Bybit have announced support for Apple Pay in their debit card payment options in recent months, in February and June this year respectively; the latter In the first half of this year, it actively promoted payment services and launched Bybit Card, a physical charge card based on Mastercard.

The Block: ByBit became the biggest winner after the collapse of FTX

In response, The Block used the title "ByBit became the biggest winner after the collapse of FTX" to express ByBit's dominant position in the spot exchange since the collapse of FTX, and Compared with the original third runner-up OKX, its growth has been the most significant.

However, the fact is that the offshore exchange still faces regulatory challenges. It exited the Canadian, British and Hong Kong markets in May and September last year and June this year respectively. Ben Zhou, CEO of ByBit, emphasized that the company is moving forward Expansion outside Europe, with focus on Brazil, Turkey and Africa.

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