In 2024, spot trading volumes on centralized crypto exchanges reached $18.83 trillion, a substantial increase over 2022 and 2023 levels, but still below the heights of 2021.
Leaders and Laggards in 2024
According to CoinGecko data, Binance led the pack in 2024 with a market share of 40% and a trading volume of $7.35 trillion. Bybit followed with a 9.3% share. Meanwhile, platforms like OKX, HTX, and MEXC have been slipping since 2020.
Rapid Growth of Certain Exchanges
Crypto.com was the fastest-growing exchange, with a nearly 970% increase in trading volume, reaching $1.29 trillion in 2024. Bybit and Gate.io also saw significant growth, at 398% and 242%, respectively.
Overall Picture Over Four Years
CoinGecko collected data on the top 15 centralized exchanges from 2020 to 2024, including Binance, Bybit, Crypto.com, and others. While trading volumes in 2024 were much higher than in 2023, they did not reach the 2021 peak.
Despite significant growth in 2024, spot trading volumes on crypto exchanges remained below the record levels of 2021, while certain exchanges continued to show remarkable growth.
