Crypto.com increased its share of the centralized crypto exchange market in 2024, while industry leaders Binance and OKX saw declines, according to a report from CCData.

Among the largest exchanges, Binance, Bybit, and Coinbase led in spot trading volume in December, collectively accounting for 55.7% of total volume — down from 58.4% in November.

Centralized exchanges ended 2024 with a record annual trading volume of $75.8 trillion, surpassing the previous high of $65.1 trillion in 2021. 

Analysts expect continued market shifts, with Crypto.com, Coinbase, and Bitget well-positioned for growth, while Binance and OKX face further competition.

Crypto.com emerged as one of the biggest market share gainers in 2024, increasing 6.26% year-to-date to 8.66%.

Other notable gainers included Bitget (+2.53%) and WhiteBIT (+1.14%), which ended the year with 4.25% and 5.12% market share, respectively.

Binance maintained its position as the largest centralized exchange, with a 25.4% spot market share and 35.1% combined market share for spot and derivatives trading. 

However, it recorded its lowest market share since January 2021, after its third consecutive monthly decline. Year-over-year, Binance’s market share fell 7.49%, while OKX and Upbit experienced declines of 3.22% and 2.71%, respectively.

Bitget’s spot trading volume surged 97.6% to $159 billion in December, setting a new record and pushing its market share to 4.25%.

Additionally, MEXC Global’s market share hit a record 4.42%, with $165 billion monthly volume.

Record in monthly trading volumes

Total spot and derivatives trading volume on centralized exchanges rose 7.58% in December to $11.3 trillion, a new all-time high driven by volatility in crypto and shifting market dynamics.

Spot trading volumes increas

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Author: Gino Matos