According to the Coingecko report, the total trading volume of centralized exchanges (CEX) in 2024 reached $18.83 trillion, an increase of 134% compared to $8.05 trillion in 2023. Although there has been significant growth, this volume is still lower than the historical high of $25.21 trillion in 2021. The market share of exchanges continues to diversify.
Binance maintains its leading position with a 39.0% market share, recording a trading volume of $7.35 trillion. Bybit ranks second with a 9.3% market share and a volume of $1.75 trillion. Crypto.com ranks third, with a 6.8% market share and a trading volume of $1.29 trillion. Some emerging exchanges like Crypto.com and Bybit have risen strongly.
Crypto.com has witnessed a staggering 969.7% increase in trading volume, surpassing the $1 trillion mark for the first time. Bybit also grew by 397.8%, reaching $1.75 trillion. Gate.io grew by 241.5%, with a trading volume of $1.01 trillion. Although the trading volume has recovered significantly in 2024, the cryptocurrency market is still in a state of transformation. Competition is becoming increasingly fierce, with the emergence of new exchanges gaining a foothold, while some traditional exchanges are gradually losing market share.
