Leading cryptocurrency exchange Bybit has continued to make strides forward despite the bear market. According to CoinGecko, Bybit has achieved a fivefold growth in futures trading volume, going from $2.8 billion to $13.8 billion year to date. Bybit’s leadership position in the crypto derivatives sphere was solidified as a result of the company’s rise. The firm mainly holds the second-highest market share for the trading volume of perpetual and futures contracts.
This was attributed by the exchange to the introduction of a number of new trading products. Among these are trading bots that thrive in the 24/7 environment of the cryptocurrency markets, where they can capitalize on opportunities to scalp and ride the waves of extreme volatility. In addition, advanced copy trading allows more than 30,000 Bybit traders to immediately replicate the trades made by 10,000 “master traders.”
Bybit’s Ability to Weather Potential Market Downturns
According to a recent report published by CryptoCompare, which specializes in providing data related to digital assets, even though the crypto industry as a whole experienced a decline during the fourth quarter, the Bybit exchange was still able to increase its market share of trading volume by more than 50%. The report also mentioned that despite the declining market, Bybit managed to increase its overall market share during each quarter of 2022.
Bybit’s quality collaboration with its institutional customers is another reason why it is able to put on this display of dominance. The market maker assistance fund that was formed by Bybit in the fourth quarter of 2022 has now been fully completed, with a total of $140 million having been committed to the fund. In January, Bybit was also the first company in the market to introduce a full 100% rebate program for brokers.
CEO Ben Zhou commented on establishing resilience and pacing long-term growth. Zhou said: “We’re in an interesting phase of the market cycle where we are seeing a sense of calm among investors and builders. For Bybit, not only are we confident in our ability to weather future downturns, but we have also proven that we can use the opportunities offered in a bear market to come out even stronger.”
User-Friendly Products to Benefit From the World of DeFi
In the long run, Bybit CEO Zhou is placing his sights on the general public embracing cryptocurrency. According to him, the fundamental aspects of this technology are that it is decentralized, immutable, and uncontrollable, all of which will lead to a revolution in monetary systems. In light of this, Zhou and his team are putting in a lot of effort to develop solutions that are user-friendly for their customers, so that their customers can easily benefit from the world of decentralized finance (DeFi).
Zhou further stated: “New ideas often come with misconceptions. Bull markets are not the only avenue for gainful opportunities. Rational traders take profit from price movements – volatility. And derivatives give traders the tools to realize profits beyond simple spot price differences over time and to mitigate risks. Whatever the market and no matter the noise, we believe in quietly laying the foundation for growth by finessing our tech stack and mass adoption-ready infrastructure. We strive to be the gateway to Web3 and the bridge connecting retail investors to crypto opportunities.”
As part of this objective of becoming the gateway to Web3 and the bridge connecting the investor community to crypto opportunities, Bybit has recently published the Crypto Investor’s Literacy Report. This report is a crucial step in identifying the educational requirements of the cryptocurrency investor community as well as the ways in which the industry can be changed to better serve these investors.
Bybit is a 2018-founded crypto exchange that provides a sophisticated platform with an ultra-fast matching engine, outstanding customer service, and multilingual community support. The platform is a proud partner of the Oracle Red Bull Racing team, which is the current Constructors’ and Drivers’ champion in Formula One, as well as the esports organizations NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, as well as the association football (soccer) team Borussia Dortmund.