From Nasdaq: 2024-06-25 12:49:31

Shares of Coinbase (NASDAQ:COIN) have increased by over 4% despite losing its position as the second-largest crypto exchange globally. Bybit now holds this title with a 16% market share, attributing its growth to lower trading fees and Binance’s regulatory issues. Coinbase’s market share dropped from 11% to 8% since October 2023.

Bybit’s volume surge is primarily driven by Bitcoin and Ethereum, with their market share on the platform increasing from 17% to 53% in a year. Meanwhile, Binance still leads with a 54% market share, experiencing a drop in Bitcoin and Ethereum volume from 59% to 43%.

Wall Street is retracting from Bybit, as Citadel Securities-backed Hidden Road halted client access due to compliance concerns. Bybit assures it is committed to transparency and will provide updates during the review process.

Analysts hold a Moderate Buy consensus on COIN stock, with nine Buys, 10 Holds, and two Sells in the past three months. Despite a 257% share price growth in the last year, the average price target of $248.89 per share suggests 12.62% upside potential.

Read more at Nasdaq: Coinbase (NASDAQ:COIN) Rallies despite News of Falling Market Share