What Was the Largest Centralized Exchange of 2024?
Binance was the largest centralized exchange of 2024, with a market share of 39.0%. In 2024, it had $7.35 trillion in trading volume.
It was followed by Bybit, with a 9.3% market share, and $1.75 trillion in trading volume.
Crypto.com ended 2024 as the third largest centralized crypto exchange, with a 6.8% market share and $1.29 trillion in spot trading volume.
What Was The Fastest Growing Centralized Exchange of 2024?
Crypto.com was the fastest-growing centralized exchange in 2024, growing +969.7%. Its annual trading volume rose from $120.6 billion in 2023 to $1.29 trillion in 2024, the first time it had reached trading volumes of $1 trillion.
In a distant second place was Bybit, having grown +397.8% in 2024. It grew from $351.2 billion in 2023 to $1.75 trillion in 2024. Similarly to Crypto.com, it breached the $1 trillion mark for the first time since its founding.
Meanwhile, Gate.io was the third fastest gainer, with its trading volume growing +241.5% from $294.5 billion in 2023 to $1.01 trillion in 2024.
How Much Spot Trading Volume Was There in 2024?
The top 15 centralized crypto exchanges had $18.83 trillion in spot trading volume in 2024. This represents an increase of +134.0% ($10.78T) from 2023, which saw $8.05 trillion in volume.
While trading volume in 2024 was much higher than in 2022 and 2023, it still paled compared to 2021. During the bull cycle of 2021, the top 15 exchanges saw annual volumes hit $25.21 trillion.
Which Year Had The Most Trading Volume?
2021 was the year with the most trading volume, hitting an all-time high of $25.21 trillion. This was an increase of +566.8% ($21.43T) from 2020’s trading volume of $3.78 trillion.
Some notable happenings in 2021 include:
-
Bitcoin hitting an all-time high of $69,044
-
Terra’s UST stablecoin gained popularity
-
NFTs soar in popularity
-
Altchains such as Binance Smart Chain, Polygon, Avalanche, and Fantom saw a surge in activity
-
Coinbase debuted on Nasdaq, quickly becoming the largest publicly traded crypto company in the world
-
Cryptocurrency market cap hit $3 trillion for the first time
Which Exchanges Have Lost Market Share Since 2020?
OKX, HTX, and MEXC are centralized crypto exchanges that have lost market share since 2020. In 2020, these exchanges had market shares of 16.3%, 16.0%, and 16.6%, respectively. However, by the end of 2024, their market share had dropped to 6.2%, 4.4%, and 4.1%. While these exchanges maintained or saw trading volumes rise throughout the years, newcomers have outpaced them.
The entry of new exchanges such as Crypto.com, Bybit, and BingX has managed to eat into the market share of longstanding exchanges. FTX was also a major contender, having accounted for 2.6% of volume in 2021 and 4.8% in 2022. This made it the sixth-largest exchange in both years before its eventual downfall.
Top 15 Crypto Exchanges Market Share, 2020 - 2024
The centralized crypto exchange landscape has changed dramatically between 2020 and 2024. The pecking order shifted consistently, with Binance being the only exchange to dominate the market throughout the entire duration.
The top 15 centralized crypto exchanges and their market share throughout the years are as follows:
| Exchange | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Binance | 29.0% | 40.7% | 44.0% | 47.1% | 39.0% |
| Bybit | 0.0% | 0.1% | 1.5% | 4.4% | 9.3% |
| Crypto.com | 0.1% | 2.1% | 3.5% | 1.5% | 6.8% |
| Upbit | 3.6% | 12.2% | 6.9% | 8.5% | 6.7% |
| OKX | 16.3% | 10.4% | 7.2% | 6.3% | 6.2% |
| Coinbase | 5.1% | 6.5% | 6.4% | 5.7% | 5.9% |
| Gate | 0.9% | 1.7% | 4.1% | 3.7% | 5.3% |
| HTX | 16.0% | 10.9% | 3.6% | 3.6% | 4.4% |
| MEXC | 16.6% | 2.0% | 5.3% | 4.7% | 4.1% |
| Bitget | 2.5% | 1.3% | 1.6% | 4.4% | 3.9% |
| KuCoin | 1.0% | 2.6% | 4.5% | 3.0% | 2.4% |
| Bithumb | 3.5% | 2.6% | 1.6% | 1.7% | 2.1% |
| Kraken | 2.7% | 2.4% | 2.1% | 2.7% | 2.0% |
| BingX | 0.0% | 0.0% | 1.4% | 2.3% | 1.4% |
| Bitfinex | 2.1% | 1.9% | 1.4% | 0.6% | 0.5% |
| FTX | 0.7% | 2.6% | 4.8% | 0.0% | 0.0% |
Annual Cumulative Trading Volume, 2020 - 2024
The annual cumulative spot trading volume of the top 15 centralized crypto exchanges by market share, are as follows:
| Year | Total Trading Volume / trillion | YoY Change |
|---|---|---|
| 2020 | $3.78T | - |
| 2021 | $25.21T | +566.8% |
| 2022 | $12.62T | -49.9% |
| 2023 | $8.05T | -36.3% |
| 2024 | $18.83T | +134.0% |
Methodology
The study examined the annual cumulative spot trading volume of the top 15 centralized exchanges by market share, using CoinGecko data from Jan 1, 2020, to December 31, 2024. The top 15 centralized exchanges are: Binance, Bybit, Crypto.com, Upbit, OKX, Coinbase, Gate.io, HTX, MEXC, Bitget, KuCoin, Bithumb, Kraken, BingX, and Bitfinex. Market share was based on total annual spot trading volume.
*data for FTX was included for the years 2020, 2021, and 2022
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