According to CoinGecko, the crypto trading volume across all centralized exchanges will reach $18.83 trillion by 2024. This study looked at the cumulative annual spot trading volumes of the top centralized exchanges between January 2020 and December 2024. It revealed changes in trading activity as well as market shares.
According to CoinGecko’s data, Binance represented 39.0% with $7.35 billion in transaction volume. Bybit and Crypto.com, on the other hand, recorded trading volumes of $1.75 trillion, and $1.29 trillion, which represents market shares of 9,3% and 6,8% respectively.
The report highlights that, despite a 134.0% increase from 2023’s $8.05 trillion, 2024’s total remains below the all-time high of $25.21 trillion in 2021. That peak marked a 566.8% jump from 2020’s $3.78 trillion, driven by market conditions that included a record-breaking bull cycle, heightened retail participation, and the debut of major companies on public markets. Bitcoin’s price surged past the previous limit in 2021. Stablecoins (altcoins), non-fungible coins, and stablecoins all saw a lot of action, leading to an unprecedented amount of trading.
Growth in smaller exchanges is expected to continue through 2024
CoinGecko’s data further illustrates that Crypto.com experienced the most dramatic growth among centralized exchanges, with its annual trading volume rising from $120.6 billion in 2023 to $1.29 trillion in 2024—a 969.7% increase that pushed it over the $1 trillion threshold for the first time.
Bybit, a smaller company in scale, also reported significant gains. Trading volumes increased 397.8% in the period 2023-2024 from 351.2 billion dollars to $1.75 trillion. Gate.io is a smaller company, but it has a 241.5% growth rate, bringing its trading volume from $294.50 billion in 2023 up to $1.01 Trillion in 2024.
As the market continues to change, established exchanges like Binance are maintaining their position of dominance in spite of a small drop in market shares compared with previous years.
In contrast, exchanges that once held larger portions of the market, including OKX, HTX, and MEXC, have seen their shares contract—from double-digit percentages in 2020 to single digits by the end of 2024. It is noted in the report that early entrants like FTX who had been responsible for 2.6% volume in 2021, and 4.8% of volume in 20,22 are now no longer a major player in today’s market due to its eventual collapse.
Methodology and findings
CoinGecko’s methodology involved tracking the annual cumulative spot trading volumes of the top 15 centralized exchanges, including longstanding entities and relatively new market players like Crypto.com and Bybit.
This analysis shows that although the activity level in 2024 is up from 2022, 2023 and the previous year’s declines, the pace has not returned to the frenetic levels of 2021. Data shows that the share of market held by earlier exchanges has been steadily declining. This suggests a consolidation in trading among platforms which continue to adjust to changing regulatory, technical, and user-driven factors.
Binance’s consistent performance amid these shifts and Crypto.com’s breakthrough in surpassing the $1 trillion volume mark reflects the ongoing restructuring of market share. This study ultimately shows that, while 2024 trading volumes showed a noticeable recovery following recent declines, they still trail behind 2021’s bull market peak.
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