Table of Contents
By 2024, Binance remained the biggest centralized cryptocurrency exchange after its market share decreased from 47% to 39%. After this decrease, its trading amount rose to nearly $7.3 trillion. The entire trading volume of centralized exchanges was $18.83 trillion, the second-largest amount in the last five years.
Crypto.com grew quickly and became the third-largest exchange with a nearly tenfold increase in trading volume. OKX and Upbit were among the top five, and Bybit ranked second. The increase and decrease of many exchanges altered the rankings, indicating the volatility of the bitcoin market.
Centralized Exchanges Reach High
Binance remained the most significant centralized cryptocurrency exchange in 2024, even though its share of the trading volume among the top 15 exchanges reduced from 47% to 39%, or about eight percentage points. At $7.3 trillion, its trade amount almost doubled.
The overall trading volume on centralized exchanges last year was $18.83 trillion, the second-largest amount in five years. Coin Gecko statistics indicate that the record will remain at $25.21 trillion from 2021. Many noteworthy events or milestones took place during that year, such as the increase in altcoin exertion, Coinbase’s NASDAQ listing, and the record-breaking volume of Bitcoin.
In contrast, Bybit was the second-highest centralized exchange platform, accounting for approximately 9.28% of the total trading amount, just under $1.75 trillion. Third place went to Crypto.com, which noticed a nearly tenfold rise in volume to $1.29 trillion. OKX and Upbit made the top five, with $1.258 trillion and $1.172 trillion, respectively.
OKX, HTX, MEXC Decline
In 2024, the combined value of seven centralized exchanges was greater than $1 trillion, a feat only Binance achieved in 2023. With a 969.7% rise in volume, Crypto.com was the centralized exchange with the fastest rate of increase in 2024.
Bybit and Gate were the second and third quickest-growing, with growth rates of 397.8% and 241.5%, respectively. The volume shares of HTX (16.0%), MEXC (16.6%), and OKX (16.3%) reduced throughout the previous five years.
By 2024, HTX, OKX, and MEXC had market shares of 4.4%, 6.2%, and 4.1%, respectively, keeping them outside the top five. Prior to its collapse, FTX, the exchange formerly maintained by Sam Bankman-Fried, represented 2.6% of volume in 2021 and 4.8% in 2022.
