In 2024, Crypto.com made significant gains in the centralized crypto exchange market, outpacing industry giants like Binance and OKX, as reported by CCData. The year saw a record high annual trading volume of $75.8 trillion on centralized exchanges, surpassing the previous peak in 2021.
Among the top exchanges, Binance, Bybit, and Coinbase led in spot trading volume in December, collectively accounting for 55.7% of total volume. However, this was a slight decline from November’s 58.4%. Crypto.com emerged as one of the biggest gainers, increasing its market share by 6.26% to 8.66% year-to-date. Other notable gainers included Bitget and WhiteBIT, with market shares of 4.25% and 5.12% respectively.
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. Despite this, Binance saw its lowest market share since January 2021, with a year-over-year decline of 7.49%. OKX and Upbit also experienced declines in market share.
Bitget experienced a surge in spot trading volume, reaching $159 billion in December, setting a new record and pushing its market share to 4.25%. MEXC Global also saw a record market share of 4.42%, with $165 billion in monthly volume.
In December, total spot and derivatives trading volume on centralized exchanges reached $11.3 trillion, a new all-time high. Spot trading volumes increased by 8.10% to $3.73 trillion, while derivatives trading volume grew by 7.33% to $7.58 trillion. Despite the growth in trading volumes, the market share of derivatives trading declined, attributed to a stronger influence of spot trading on crypto amid changing market dynamics.
Derivatives markets continued to dominate crypto trading, accounting for 69.2% of total volumes in 2024, up from 59.5% in 2021. This trend reflects growing institutional adoption and demand for risk management tools. Coinbase International saw a significant increase in derivatives trading, reaching $416 billion and becoming the fifth-largest derivatives exchange. Bybit and OKX followed Binance in derivatives market share, with Bybit posting a record $1.20 trillion in monthly derivatives volume.
Overall, the crypto market in 2024 experienced significant shifts in market share and trading volumes, with Crypto.com, Coinbase, and Bitget positioned for growth, while Binance and OKX faced increased competition. Institutional adoption and the growth of derivatives trading were notable trends throughout the year, indicating a maturing market landscape.