Market Share of Centralized Crypto Exchanges, by Trading Volume

What is the Largest Centralized Exchange?

Binance remained the largest centralized exchange (CEX), with its market share at 44.0% in June 2024. Its spot trading volume dropped to a yearly low of $424.7 billion in June 2024. This represents a -22.7% month-on-month (MoM) decrease, having recorded $549.8 billion in May 2024. 

The second largest centralized exchange was Bybit, which had a 12.7% market share and a spot trading volume of $117.9 billion in June 2024. This represents a -1.7% drop, having recorded $120.0 billion in May 2024. However, Bybit increased its market share from the third largest in the previous quarter.

Gate ended June 2024 as the third largest exchange, with a 7.7% market share, along with $74.6 billion of trading volume. The remaining top 10 competitors held less than 7.5% market share each, for a combined dominance of 36.1% in June.

Binance Market Share

Binance was the market leader amongst the centralized exchanges, with a 46.6% market share of total spot trading volume in 2024 Q2. While it regained some of its dominance throughout 2024 Q1 to end with a 48.9% market share, it has started losing its edge again. In absolute terms, it generated $1.67 trillion in trading volume in 2024 Q2, compared to $2.08 trillion in 2024 Q1, a drop of -19.8% QoQ.
 

Bybit’s Rise to Number Two

Bybit became the second-largest centralized exchange in 2024 Q2, recording $74.89 billion in spot trading volume. This translates into a 10.5% market share in the quarter, up 1.8% from 2024 Q1, when Bybit had a dominance of 8.7% and $368.2 billion in volume. 

Previously known for its derivatives, Bybit has aggressively grown its spot trading sector on the back of a slew of new token listings, low fees, and capitalizing on FTX's downfall. It was one of the few exchanges that recorded a growth in trading volume in Q2.

Upbit’s Fall From Grace?

Upbit was the tenth largest centralized exchange in 2024 Q2, recording a 5.0% market share, and $177.8 billion in trading volume. This is a far cry from its 9.0% market share and $383.7 billion volume in 2024 Q1, where it was the second-largest centralized exchange. It experienced the largest drop in trading volume amongst the top 10, with a -53.7% decrease QoQ. 

The South Korean exchange is known for its “Kimchi Premium,” where assets tend to trade at a higher price than on other exchanges. Despite this price premium usually occurring on new listings, the exchange failed to maintain high volumes in Q2. 
 

Gate Was the Largest Gainer in 2024 Q2

Gate was the largest gainer in 2024 Q2, growing 51.1% throughout the quarter, adding an additional $85.2 billion in spot trading volume. This outpaced the growth of the other top 10 exchanges, which saw trading volumes drop by $676.9 billion (-15.9%).

Of the top 10 exchanges, only four had any sort of growth throughout the quarter. Bitget, the second-largest gainer, grew 15.4% ($24.7 billion). This was followed by HTX which grew 13.7% ($25.7 billion), and Bybit at 1.8% ($6.7 billion). The other exchanges experienced declines between -9.0% and -50.0%. 

Top 10 Centralized Exchanges’ Market Share (2024 Q2)

Top 10 Crypto Exchanges' Market Share, 2018-2023

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2023 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2022 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2021 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2020 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2019 by Spot Trading Volume:

The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2018 by Spot Trading Volume:

Methodology

The study examined the top 10 centralized exchanges by spot trading volume, using CoinGecko data from Jan 1, 2024 to June 30, 2024. The top 10 centralized exchanges are: Binance, Bybit, Gate, HTX, OKX, Coinbase, Bitget, MEXC, Crypto.com, and Upbit. Market share was based on total monthly spot trading volume.

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Curious to know more about the state of crypto in 2024 Q2? Check out our comprehensive 2024 Q2 Crypto Industry Report, which extensively covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, DeFi and NFT ecosystems, and more!