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Crypto.com surges by 969.7% and becomes the third largest CEX in terms of trading volume by 2024
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Binance maintains a 39% market share while CEX trading volume reaches $18.83 trillion
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Bybit, Gate.io and other CEX companies record triple-digit growth in 2024
Crypto.com is the fastest-growing central exchange (CEX). Trading volume has risen significantly. According to a recent CoinGecko report the platform has experienced an incredible 969.7% increase. Their trading volume jumped from $120.6 billion to $1.29 trillion annually in 2024.
This milestone signifies that the exchange has now passed the $1 trillion mark. Other exchanges grew too, but none grew faster than Crypto.com.
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Binance still leads the CEX market
Binance remains the largest centralized exchange even though its market share has shifted a little. It still holds 39.0% market share, generating $7.35 billion in trading volume.
Bybit was the second largest exchange, with a share of 9.3%. They reached $1.75 trillion of volume. Crypto.com, on the other hand, came in third with a market share of 6.8%. Upbit, OKX and Coinbase were the next three, all of whom held a strong position when it came to crypto trading.
CEX Spot trading volume Surges in 2024
In 2024, the top 15 centralized exchanges recorded a combined spot trading volume of 18.83 trillion dollars. This is a huge increase of 134.0% from 2023 when trading volume was $8.05 trillion.
Despite this growth, the total volume is still below 2021’s record-breaking $25.2 trillion. This increase in trading activity indicates that the market is recovering but not yet back to its previous peak.
Related:Binance market share tumbles 18% in US due to regulatory heat
Gate.io and Bybit also show strong growth
Bybit’s trading volume grew by 397.8% in 2024. This was the second fastest growth rate. The volume of the exchange jumped from $351.2 billion to $1.75 trillion in 2023. This is the first time that they have traded more than $1 trillion.
Gate.io ranked third in terms of growth, increasing its trading volumes by 241,5% to $1.01 trillion by 2024. These numbers show the competitiveness of the market, with newer platforms catching fast.
CEX Market Share is Changed.
Some exchanges saw their market share increase, while others saw it decrease. OKX, HTX and MEXC all saw their market share shrink between 2020 and 2030.
OKX fell from 16,3% to 6,2%, HTX from 16,0% to 4,4%, and MEXC from 16,6% to 4,1%. New players, like BingX, Crypto.com and others, have grown steadily, changing industry dynamics.
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