As 2024 moves past its midpoint, the global crypto exchange landscape continues to evolve rapidly. According to data from The Block, Crypto.com and Bybit have emerged as standout performers—each gaining significant traction in their respective markets. While Crypto.com has made remarkable strides in the North American spot market, Bybit has solidified its position as a dominant player in the global offshore exchange arena, especially in the wake of FTX’s collapse.
This report dives into the shifting market dynamics, trading volume trends, and strategic moves that are redefining leadership in the cryptocurrency exchange space.
North American Market: Coinbase Holds Strong, Crypto.com Rises
The U.S. remains the largest regulated crypto market globally, with Coinbase continuing to lead among institutional investors and retail traders alike. Despite a slowdown in market activity during Q2 2024, Coinbase maintained an average monthly spot trading volume of $72.3 billion, underscoring its resilience and trusted position in the ecosystem.
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However, the real story lies in Crypto.com’s impressive growth trajectory. While many platforms saw sharp declines following the post-bull market correction, Crypto.com demonstrated exceptional retention and expansion. From March 2024 onward, Coinbase experienced a 62.2% drop in monthly spot trading volume, whereas Crypto.com saw only a 33.2% decline—a significantly smaller contraction.
More telling is the shift in market share. Based on USD-denominated spot trading pairs, Crypto.com's share surged from 3.89% in 2023 to 24.49% in 2024—a sixfold increase. This growth came largely at the expense of established players like Kraken and LMAX Digital, both of which lost between 5% and 8% of their market share over the same period.
Several strategic initiatives contributed to this momentum:
- Aggressive marketing campaigns
- Expansion of fiat on-ramps
- Enhanced user experience and security features
- Broadening of available trading pairs
Crypto.com’s ability to sustain user engagement even after the peak of the bull run highlights its strong product-market fit and brand recognition—especially among younger, tech-savvy investors.
Asian & Global Offshore Markets: Bybit Claims Second Place
In Asia and broader offshore markets, Binance still reigns supreme despite ongoing regulatory scrutiny, including unresolved litigation with the U.S. Securities and Exchange Commission (SEC). Binance continues to report a staggering $555 billion in average monthly spot trading volume, maintaining its dominance through scale, liquidity, and global reach.
Yet, Bybit has quietly ascended to become the second-largest spot exchange worldwide, holding that position for five consecutive months. Its global market share has grown from 4.8% a year ago to 10.6% today, marking a historic high and signaling strong user migration from troubled platforms.
Like Crypto.com, Bybit managed to retain most of its trading volume even as overall market enthusiasm cooled—a testament to its growing user loyalty and strategic diversification.
One key factor behind Bybit’s success? Payment innovation. Both Crypto.com and Bybit recently integrated Apple Pay into their debit card offerings—Crypto.com in February 2024, and Bybit in June—enhancing convenience for everyday crypto spending.
Additionally, Bybit launched the Bybit Card, a Mastercard-based physical debit card that allows users to spend crypto seamlessly across merchants worldwide. This push into real-world utility reflects a broader industry trend: moving beyond speculation toward practical financial integration.
Bybit: The Biggest Beneficiary of FTX’s Collapse?
According to The Block’s analysis titled "Bybit’s Market Share Continues to Soar Since FTX Fallout," the exchange has become one of the primary beneficiaries following FTX’s dramatic collapse in late 2022. While OKX previously held third place among offshore platforms, Bybit has outpaced it in growth rate and user acquisition.
Key advantages that fueled Bybit’s rise include:
- Faster withdrawal processing times
- Competitive fee structures
- Strong customer support
- Proactive community engagement
Moreover, while regulatory pressures have forced Bybit to exit certain jurisdictions—including Canada (May 2023), the UK (September 2023), and recently Hong Kong (June 2024)—the company remains focused on expanding into high-growth emerging markets.
CEO Ben Zhou emphasized that Bybit is redirecting efforts toward regions outside Europe, with strategic priorities set on Brazil, Turkey, and various African nations—markets with rising crypto adoption and relatively flexible regulatory environments.
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Despite challenges, including reports of executive departures and risks tied to serving international Chinese users, Bybit’s consistent performance suggests a resilient operational model capable of weathering regulatory storms.
Key Trends Shaping the 2025 Exchange Landscape
Several macro trends are influencing exchange competitiveness heading into 2025:
- User Retention Over Acquisition: Exchanges are shifting focus from aggressive sign-up bonuses to long-term engagement through loyalty programs and enhanced UX.
- Regulatory Adaptation: Platforms are increasingly adopting jurisdiction-specific compliance models rather than one-size-fits-all approaches.
- Real-World Utility: Integration with payment systems (e.g., Apple Pay, Visa/Mastercard) is becoming a differentiator.
- Decentralization Pressures: Growing interest in decentralized exchanges (DEXs) is pushing centralized platforms to offer more transparency and self-custody options.
Frequently Asked Questions (FAQ)
Q: Why did Crypto.com gain so much market share in North America?
A: Crypto.com capitalized on strong brand visibility from sponsorships (e.g., naming rights for the Crypto.com Arena), seamless fiat-to-crypto onboarding, and early adoption of Web3 services. Its ability to retain users post-bull market gave it a competitive edge over rivals like Kraken and LMAX.
Q: How is Bybit growing despite exiting major markets?
A: While Bybit has pulled out of Canada, the UK, and Hong Kong due to regulatory pressure, it has redirected resources toward fast-growing emerging economies such as Brazil and Nigeria. These markets offer large unbanked populations and increasing smartphone penetration—ideal conditions for crypto adoption.
Q: Is Bybit safer than other offshore exchanges?
A: Bybit employs standard security measures like cold storage, two-factor authentication (2FA), and regular audits. However, as with all non-U.S.-regulated platforms, users assume counterparty risk. It's advisable to withdraw funds to self-custody wallets after trading.
Q: What role did FTX’s collapse play in Bybit’s growth?
A: FTX’s downfall led to widespread loss of trust in centralized exchanges. Traders sought alternatives with proven reliability and fast withdrawals—qualities Bybit had already built into its platform. This timing allowed Bybit to capture a significant portion of displaced users.
Q: Can Crypto.com challenge Coinbase’s dominance?
A: While Coinbase still leads in institutional trust and regulatory compliance, Crypto.com is closing the gap among retail users. If it continues expanding its product suite and maintaining liquidity, it could become a serious contender for top-tier status in North America.
Q: Are these trading volume figures reliable?
A: The data comes from The Block’s rigorous on-chain and exchange API analysis, widely regarded as one of the most transparent sources in the industry. While some exchanges may inflate volumes ("wash trading"), The Block applies filters to minimize inaccuracies.
Final Thoughts
The first half of 2024 has revealed a clear shift in power within the crypto exchange ecosystem. Crypto.com has emerged as a major force in North America by capturing retail momentum and expanding its footprint. Meanwhile, Bybit has leveraged strategic innovation and timing to rise as the second-largest spot exchange globally—arguably the biggest winner since FTX’s implosion.
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As regulatory landscapes tighten and user expectations evolve, exchanges that prioritize security, usability, and global accessibility will continue to thrive. Whether you're an investor or observer, understanding these trends is crucial for navigating the future of digital asset trading.
Remember: Cryptocurrency investments carry high risk due to price volatility. You may lose your entire principal. Always conduct thorough research before making any financial decisions.