Binance Leads as Crypto Exchanges See $19T Volume in 2024
Centralized crypto exchanges saw a surge in activity in 2024, processing $18.83 trillion in spot trading volume—more than doubling 2023’s total of $8.05 trillion.
Despite this growth, trading volume remained below the all-time high of $25.21 trillion set in 2021, according to CoinGecko data.
Binance Maintains Market Lead as Crypto.com Records Fastest Growth in 2024
Binance retained its position as the leading crypto exchange in 2024, capturing nearly 40% of the total market with $7.35 trillion in trading volume. Bybit followed in second place with a 9.3% share.
Crypto.com recorded the highest growth among exchanges, with trading volume increasing 970% from $120.6 billion in 2023 to $1.29 trillion in 2024.
Bybit and Gate.io also saw major expansion, with increases of 398% and 242%, respectively.
How much spot trading volume was generated by the top 15 CEXs in 2024? 🔍
Our latest study found that the top 15 CEXs generated a total trading volume of $18.83T in spot trading trading in 2024. This represents an increase of 134% from 2023.
Read the full study:… pic.twitter.com/zhvDU2l1uG
— CoinGecko (@coingecko) February 12, 2025
CoinGecko’s data tracks market trends from 2020 to 2024. The highest activity occurred in 2021, when spot trades surged 566.8% from $3.78 trillion in 2020 to $25.21 trillion.
Legacy exchanges such as OKX, HTX, and MEXC have recorded a steady decline in trading volume since 2020 as newer platforms gained market share.
The collapse of FTX in late 2022 further reshaped the competitive landscape, leading to shifts in user trust and exchange dominance.
The report ranked the top 15 centralized exchanges by trading volume, listing Binance, Bybit, Crypto.com, Upbit, OKX, Coinbase, Gate.io, HTX, MEXC, Bitget, KuCoin, Bithumb, Kraken, BingX, and Bitfinex as major market participants.
Crypto.com Surpasses Coinbase in 2024 with Higher Trading Volume
Crypto.com reported that its daily trading volume surpassed Coinbase, reaching $3.16 billion in August 2024.
Additionally, open interest in its derivatives market is approaching $1 billion—a fourfold increase since January.
Meanwhile, Binance led the market with $21.6 billion in customer deposits in 2024, exceeding the total inflows of the next 10 largest exchanges combined. The platform also recorded an all-time high of 250 million global users.
🚀 @Binance has solidified its position as the world’s leading cryptocurrency exchange, boasting $21.6 billion in customer deposits for 2024. #Binance #Bitcoinhttps://t.co/7sa3tc9GSh
— Cryptonews.com (@cryptonews) December 13, 2024
According to DeFiLlama, Bybit ranks as the second-largest recipient of customer deposits, with $8.2 billion, followed by OKX with $5.3 billion.
Other leading platforms include BitMEX ($3.45 billion), Robinhood ($3.165 billion), and HTX ($2.12 billion).
Beyond exchange trading volume, Bitcoin transactions alone accounted for over $19 trillion in 2024, according to a separate report by Pierre Rochard, vice president of research at Riot Platforms.
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Key milestones such as the approval of a U.S.-based Bitcoin exchange-traded fund (ETF), the April 2024 halving event, and Bitcoin’s record-breaking price of approximately $108,000 contributed to the market’s bullish momentum.
The Bitcoin network’s security strengthened further as its hashrate hit an all-time high of 1,000 exahashes per second (EH/s) on January 3, 2024.
Source: cryptonews.com
