Crypto trading volumes across centralized exchanges reached $18.83 trillion in 2024, according to a new CoinGecko report. The study examined the annual cumulative spot trading volume of the leading centralized crypto exchanges from January 2020 through December 2024, revealing shifts in market share and trading activity over the period.

Per CoinGecko, Binance accounted for 39.0% of the volume with $7.35 trillion in transactions, while Bybit and Crypto.com recorded $1.75 trillion and $1.29 trillion in trading volume, representing 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. The 2021 period saw Bitcoin surge past previous limits and a flurry of activity around stablecoins, altcoins, and non-fungible tokens, contributing to unprecedented trading volumes.

Smaller exchanges see growth throughout 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 also recorded significant gains, with trading volumes expanding 397.8% from $351.2 billion in 2023 to $1.75 trillion in 2024. Gate.io, while smaller in scale, Gate.io reported a growth rate of 241.5%, increasing its volume from $294.5 billion in 2023 to $1.01 trillion in 2024.

The shifting hierarchy among exchanges reflects a market in flux, as established platforms like Binance maintain their dominant position despite a slight dip in market share compared to 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. The report also notes that early entrants such as FTX, which had represented 2.6% of volume in 2021 and 4.8% in 2022, are no longer a factor in the current landscape due to their eventual collapse.

Study methodology and overall 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.

The analysis illustrates that while overall activity in 2024 has rebounded from the declines observed in 2022 and 2023, it has not recaptured the frenetic pace of 2021. The data indicates that new exchanges have steadily eroded the market share of earlier leaders, suggesting a consolidation of trading activity among platforms that continue to adapt to shifting regulatory, technological, and user-driven forces.

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. The study ultimately reveals that while trading activity in 2024 marked a notable recovery from recent downturns, the volume still lags behind the bull market peak witnessed in 2021.

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