Revolution in the Crypto Exchange Market in 2024
Crypto.com made significant strides in capturing a larger share of the centralized crypto exchange market in the year 2024, outpacing industry giants like Binance and OKX, as per a report by CCData.
Key Highlights:
- Binance, Bybit, and Coinbase dominated spot trading volume in December, collectively representing 55.7% of the total volume.
- The centralized exchanges achieved a record annual trading volume of $75.8 trillion in 2024, surpassing the previous high of $65.1 trillion in 2021.
- Crypto.com, Coinbase, and Bitget are positioned for growth, while Binance and OKX face intensified competition in the market.
Market Share Movement:
During 2024, Crypto.com emerged as a major gainer, increasing its market share by 6.26% to reach 8.66%. Other notable gainers included Bitget (+2.53%) and WhiteBIT (+1.14%), finishing the year with market shares of 4.25% and 5.12%, respectively.
Market Leaders:
Despite facing declines in market share, 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, its market share witnessed a decrease compared to previous years.
Record-Breaking Performances:
- Bitget’s spot trading volume surged by 97.6% in December, reaching $159 billion and attaining a market share of 4.25%.
- MEXC Global achieved a record market share of 4.42%, with a monthly volume of $165 billion.
Unprecedented Trading Volumes in December
In December, the total trading volume on centralized exchanges witnessed a remarkable 7.58% increase to $11.3 trillion, driven by market volatility and changing dynamics. Spot trading volumes surged by 8.10% to $3.73 trillion, surpassing previous records, while derivatives trading volume grew by 7.33% to $7.58 trillion, marking the third consecutive monthly increase.
Market Trends:
Despite the overall volume growth, the market share of derivatives trading experienced a decline, reaching its lowest level since June 2022. This shift was attributed to the increased influence of spot trading in the crypto market.
Institutional Adoption and Derivatives Growth
The dominance of derivatives markets in crypto trading continued to rise in 2024, accounting for 69.2% of total volumes, indicating growing institutional adoption and demand for risk management tools. Coinbase International witnessed a significant surge in derivatives trading, reaching $416 billion and securing a market share of 5.50%.
Top Performers:
- Bybit and OKX followed Binance in derivatives market share, with 16.3% and 15.9%, respectively.
- CME’s derivatives trading hit an all-time high of $264 billion, reflecting a 7.83% increase.