The year 2024 proved to be a milestone for the cryptocurrency market, as centralized exchanges recorded a new all-time high trading volume. The figure reached $75.8 trillion, breaking the previous record of $65.1 trillion set in 2021.
Record Trading Volumes
As reported by CCData, the increase in trading was driven by major trading pairs like BTC/USD, ETH/USD, and XRP/USD. Particularly, the BTC/USD pair hit its highest daily volume of $23.5 billion on December 15, a 15% rise compared to the previous month. Similarly, Ethereum’s ETH/USD pair saw daily trading volumes reach $12.8 billion on November 28, marking a 10% increase during that period. This surge also lifted investor confidence, reflected in the Crypto Fear & Greed Index rising to 'Greed' at 72 in January 2025, up from 'Neutral' at 50 in December 2024.
Binance Maintains Dominance
Binance continued to lead the market in 2024, maintaining the largest share among centralized exchanges. The platform closed the year with a 34.7% market share and recorded $1 trillion in spot trading volume in December. This marked Binance’s second trillion-dollar month in 2024, with the platform handling $7.4 trillion in trading volume over the year. Despite its dominance, Binance saw its market share decline during the year. It started 2024 with 44.1% but dropped below 40% by September, reflecting growing competition from other exchanges.
Success of Crypto.com and Upbit
Following the footstep of Binance, Crypto.com cemented its position as the second-largest exchange by December, achieving an 11.2% market share and $322.3 billion in trading volume. The exchange had a strong finish to the year, with its Q4 volumes rising to $757.8 billion, much higher than earlier quarters. Similarly, Upbit also had a remarkable year, fueled by rising activity in South Korea after political tensions in December. The exchange’s daily trading volumes grew 6x, averaging $21 billion per day, securing its position as the third-largest exchange.
With new records set in 2024, the crypto market has laid the groundwork for an even more dynamic 2025.
