Market Share Shifts Among Top Crypto Exchanges
Crypto.com emerged as one of the biggest winners in the centralized crypto exchange market in 2024, significantly increasing its spot trading volume and market share. According to CCData’s report, Crypto.com’s market share grew by 6.26% year-to-date, reaching 8.66% by the end of the year.
Meanwhile, industry leaders Binance and OKX experienced declines. Binance’s spot market share dropped to 25.4%, its lowest since January 2021, while OKX and Upbit also saw reductions of 3.22% and 2.71%, respectively.
Key Market Trends in 2024
- Record Trading Volumes: Centralized exchanges recorded an all-time high annual trading volume of **$75.8 trillion**, surpassing the previous peak of $65.1 trillion in 2021.
- Spot vs. Derivatives: Spot trading volume rose to $3.73 trillion** in December, while derivatives trading reached **$7.58 trillion. Despite growth, derivatives’ market share hit its lowest since June 2022.
- Top Gainers: Besides Crypto.com, Bitget (+2.53%) and WhiteBIT (+1.14%) also expanded their market presence.
👉 Discover how Crypto.com outperformed competitors
Monthly Trading Volume Peaks
December 2024 set a new benchmark with $11.3 trillion in total trading volume across centralized exchanges. Key drivers included:
- Increased spot trading activity, reflecting renewed investor interest.
- Derivatives trading growth, though its dominance slightly declined.
Analysts attribute this shift to evolving market expectations, particularly around interest rate adjustments in 2025.
Institutional Adoption Accelerates
Derivatives markets accounted for 69.2% of total trading volumes in 2024, up from 59.5% in 2021, signaling:
- Growing institutional participation.
- Higher demand for risk-hedging instruments.
Notable Performers:
- Coinbase International’s derivatives volume surged 376% to $416 billion.
- Bybit and OKX remained strong in derivatives, with 16.3% and 15.9% market shares, respectively.
👉 Explore institutional trends in crypto trading
FAQs: Understanding the 2024 Crypto Exchange Landscape
1. Why did Crypto.com’s market share grow in 2024?
Crypto.com capitalized on strategic partnerships, user-friendly features, and aggressive marketing, attracting both retail and institutional traders.
2. What caused Binance’s decline?
Increased regulatory scrutiny and rising competition contributed to Binance’s reduced market dominance.
3. How did derivatives trading evolve in 2024?
Derivatives trading volumes hit record highs, driven by institutional adoption and demand for sophisticated financial instruments.
4. Which exchanges are poised for growth in 2025?
Crypto.com, Coinbase, and Bitget are well-positioned, while Binance and OKX face intensified competition.
5. What was the total trading volume for centralized exchanges in 2024?
Exchanges recorded $75.8 trillion in annual trading volume, a historic high.
Conclusion
The crypto exchange landscape in 2024 was marked by Crypto.com’s rise and shifting dynamics among top players. With derivatives gaining traction and institutional interest growing, the market is set for further evolution in 2025.