Catenaa, Wednesday, February 19 – Centralized crypto exchanges recorded a significant surge in activity during 2024, processing a total of $18.83 trillion in spot trading volume, more than double the $8.05 trillion registered in 2023, according to CoinGecko data.
Despite the substantial growth, 2024’s trading volume still lagged behind the all-time high of $25.21 trillion set in 2021.
Binance maintained its position as the leading exchange, capturing nearly 40% of the market share with $7.35 trillion in trading volume. Bybit followed in second place with a 9.3% market share.
Crypto.com experienced the fastest growth, seeing its volume jump by 970% from $120.6 billion in 2023 to $1.29 trillion in 2024. Other exchanges, including Bybit and Gate.io, also saw significant increases in volume, rising by 398% and 242%, respectively.
The top 15 centralized exchanges (CEXs) accounted for the majority of trading, with Binance, Bybit, Crypto.com, and others such as Upbit, OKX, and Coinbase contributing to the overall volume. Crypto.com’s daily trading volume surpassed Coinbase in August 2024, while Binance led with $21.6 billion in customer deposits.
Bitcoin also experienced major milestones in 2024, including the approval of a US-based Bitcoin exchange-traded fund (ETF) and a record price of $108,000. As a result, Bitcoin transactions alone accounted for over $19 trillion in trading volume. The network’s hashrate also hit a record 1,000 exahashes per second in January 2024, further solidifying its dominance in the market.
