According to a CCData report, Crypto.com’s share of the centralized cryptocurrency exchange market increased in 2024. Meanwhile, industry leaders Binance, and OKX, saw their shares decline.
Among the largest exchanges, Binance, Bybit, and Coinbase led in spot trading volume in December, collectively accounting for 55.7% of total volume — down from 58.4% in November.
The volume of trading on centralized exchanges reached a new high in 2024, with $75.8 trillion. This was higher than the prior record of $65.1 trillion set in 2021.
Analysts anticipate continued market shifting, with Crypto.com Coinbase Bitget all well positioned for growth. Binance and OKX will face more competition.
Crypto.com is one of the largest market gainers for 2024. Its share has increased 6.26% from year to date.
Bitget (+2.53%), WhiteBIT (+1.14%) are also notable winners, with market shares of 4.25% and 5.22% respectively.
Binance has maintained its dominant position in the centralized market, with 25.4% of spot trading and 35.1% for both spot and derivatives.
It recorded the lowest market share in January 2021 after its third monthly decline. Year-over-year, Binance’s market share fell 7.49%, while OKX and Upbit experienced declines of 3.22% and 2.71%, respectively.
Bitget’s spot trading volume surged 97.6% to $159 billion in December, setting a new record and pushing its market share to 4.25%.
MEXC Global has also reached a new record of 4.42 percent with monthly volumes exceeding $165 billion.
Monthly trading volume records a record
The total spot and derivatives volume traded on central exchanges increased by 7.58% to $11.3 trillion in December, marking a record high. This was driven by the volatility of cryptos and changing market dynamics.
Spot trading volumes increased 8.10% to $3.73 trillion, surpassing the previous peak set in May 2021, while derivatives trading volume grew 7.33% to $7.58 trillion—the third consecutive monthly increase.
In spite of the increased trading volume, the derivatives market share declined and has reached its lowest level in June 2022.
Reports of lower interest rates in 2025 led market participants to adjust their expectations, according to the report.
The growth of derivatives in institutions
In 2024 derivatives markets will continue to be the dominant market for crypto-trading, with 69.2% volume, up from 59.5%. Report noted the growing trend of institutional adoption, and a demand for risk-management tools.
Coinbase International has seen its derivatives trading increase by 376% and reach $416 billion. Its market share is now 5.50%, making it the world’s fifth largest exchange for derivatives.
Bybit, OKX, and Binance were all in second place for derivatives, each with a market share of 16.3%. Bybit has also recorded a monthly volume of $1.20 billion in derivatives.
Lastly, CME’s derivatives trading rose 7.83% to $264 billion, marking an all-time high.
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