Cryptocurrency trading volume on centralized exchanges reached $18.83 trillion in 2024, marking a substantial 134% increase from 2023’s $8.05 trillion total. Despite this surge, the figure still fell short of the record $25.21 trillion traded in 2021, highlighting the shifting dynamics in the digital asset market.
Binance remained the dominant player in the crypto exchange space in 2024, securing a 39.0% market share with $7.35 trillion in trading volume. Bybit followed with a 9.3% share, recording $1.75 trillion in trades, while Crypto.com emerged as the third-largest exchange, capturing 6.8% of the market with $1.29 trillion in trading volume.
Although Binance maintained its lead, Crypto.com made headlines as the fastest-growing centralized exchange of 2024. It witnessed an astounding 969.7% surge in trading volume, skyrocketing from $120.6 billion in 2023 to $1.29 trillion. Bybit and Gate.io also saw substantial gains, increasing their trading volumes by 397.8% and 241.5%, respectively. Bybit’s volume reached $1.75 trillion, while Gate.io surpassed the $1 trillion mark for the first time, closing the year at $1.01 trillion.
Trading Volume Rebounds but Stays Below 2021’s Peak
The 2024 trading volume resurgence signals a partial recovery from the decline seen in the aftermath of the 2021 bull market. After reaching its all-time high of $25.21 trillion in 2021—fueled by Bitcoin’s record $69,044 price, NFT expansion, and institutional adoption—the market contracted sharply in 2022 and 2023. Trading volume fell to $12.62 trillion in 2022 and then further declined to $8.05 trillion in 2023 before rebounding in 2024.
While the 2024 figures highlight a positive trend, they still lag 25% behind the peak year. Industry experts point to evolving market conditions, including regulatory pressures, changes in investor sentiment, and the collapse of major players like FTX, as key reasons for the tempered resurgence.
Shifting Market Share and Exchange Landscape
The competitive landscape of centralized exchanges has evolved significantly since 2020. While Binance has maintained its dominance, other major exchanges such as OKX, HTX, and MEXC have lost market share. In 2020, these exchanges collectively held around 48.9% of the market, but by the end of 2024, their combined share had dropped to just 14.7%.
Conversely, newer platforms like Crypto.com, Bybit, and BingX have expanded aggressively. Bybit’s market share grew from a mere 0.1% in 2021 to 9.3% in 2024, while Crypto.com jumped from 2.1% to 6.8% over the same period. The collapse of FTX, which accounted for 4.8% of the market in 2022, further reshaped the exchange landscape, paving the way for other platforms to gain prominence.