Crypto.com stands out as the fastest growing centralized exchange (CEX) of 2024. They have seen trading volume jump significantly. According to a new Coingecko report, the platform achieved an astonishing growth of 969.7%. Their annual trading volume rose from $120.6 billion in 2023 to a massive $1.29 trillion in 2024.
This milestone means that the exchange has surpassed the $1 trillion mark for the first time. Other exchanges have grown, but none have grown as quickly as crypto.com.
Related: Intensive Exchange vs. Independence: Which is more secure for your cryptography?
Binance remains the leader in the CEX market
Despite a slight shift in market share, Binance continued to be its biggest centralized exchange in 2024. It still holds 39.0% of the market, generating a trading volume of $7.35 trillion.
Bybit came in second as the next biggest exchange with a 9.3% share. They reached a volume of $1.75 trillion. Meanwhile, Crypto.com ranked third with a market share of 6.8%. Upbit, OKX and Coinbase followed, all retaining strong positions in crypto trading.
Surge in CEX Spot Trading Volume in 2024
The top 15 centralized exchanges recorded a spot trading volume of $18.83 trillion in 2024. This huge number has increased 134.0% since 2023, with trading volumes of $805 trillion.
However, despite this huge growth, the total amount is less than $25.21 trillion, a record-breaking 2021. This return in trading activity suggests that the market is recovering, but not fully reverted to its previous year peak.
Related: Binance market share falls 18% in US regulatory heat: kaiko
Bybit and gate.io also show strong growth
Bybit recorded its second fastest growth in 2024, increasing trading volume by 397.8%. The exchange volume jumped to $1.75 trillion from $351.2 billion in 2023. And this is the first time they’ve passed the trillion dollar deal.
Gate.io is third in growth, with trading volume increasing by 241.5% to $1.01 trillion in 2024. These figures show the market’s competitiveness with new platforms being caught quickly.
CEX market share changes hands
Some exchanges were obtained, while others saw market share decline. OKX, HTX and MEXC have reduced their market positions between 2020 and 2024.
OKX fell from 16.3% to 6.2%, HTX fell from 16.0% to 4.4%, and MEXC fell from 16.6% to 4.1%. Meanwhile, new players like Bingx and Crypto.com have steadily grown and changed the competitiveness of the industry.
Disclaimer: The information contained in this article is for information and educational purposes only. This article does not constitute any kind of financial advice or advice. Coin Edition is not liable for any losses that arise as a result of your use of the content, products or services mentioned. We encourage readers to take caution before taking any actions related to the company.
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