Crypto trading volumes on centralized exchanges soared to $18.83 trillion in 2024, marking a 134.0% increase from 2023’s $8.05 trillion, according to a new CoinGecko report.
Binance maintained its dominance, processing $7.35 trillion in transactions and securing a 39.0% market share. Bybit followed with $1.75 trillion (9.3%), while Crypto.com accounted for $1.29 trillion (6.8%).
Crypto.com recorded the most significant growth, with trading volume soaring 969.7% from $120.6 billion in 2023 to $1.29 trillion in 2024, surpassing $1 trillion for the first time. Bybit also surged 397.8% from $351.2 billion to $1.75 trillion, while Gate.io rose 241.5% to $1.01 trillion.
Despite the remarkable increase, Coingecko’s analysts noted that the total trading volume in 2024 remained below the record $25.21 trillion set in 2021. That peak represented a 566.8% surge from 2020’s $3.78 trillion, driven by a historic bull run, heightened retail participation, and major companies entering public markets.
According to the analysts, the growth shifts in 2024 underscore an evolving market, where newer exchanges are rapidly gaining ground while Binance retains its leading position, albeit with a slight decline in market share.
Meanwhile, these findings corroborated another recently released report that revealed that centralized crypto exchanges set a record for the highest combined spot and derivatives trading volumes in December 2024.
CCData’s latest report shows centralized exchanges set a record for combined spot and derivatives trading volumes, reaching $11.3 trillion, a 7.58% increase.
Binance led spot trading at $946 billion (0.13% growth), followed by Bybit at $247 billion (up 18.8%) and Coinbase at $191 billion (up 9.62%). Derivatives trading also hit an all-time high, reaching $7.58 trillion in December, a 7.33% monthly increase.
The surge coincided with Bitcoin surpassing $100,000, peaking at $108,249 on December 17.
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