Crypto exchange trading volume reached $18.83 trillion in 2024, rising 134% from 2023, with Binance leading and Crypto.com growing rapidly.
By Temitope Olatunji
Edited by Marco T. Lanz
Updated
2 mins read
The crypto market experienced high trading activity in 2024, with the top 15 centralized crypto exchanges recording a combined $18.83 trillion in trading volume. However, this figure remains below the 2021 record of $25.21 trillion. Still, it marks a 134% increase from 2023’s $8.05 trillion, according to CoinGecko.
Binance was the biggest crypto exchange. It had 39.0% of the market and a trading volume of $7.35 trillion. Bybit was the second-largest exchange. It held 9.3% of the market with $1.75 trillion in trading volume.
Crypto.com grew the fastest. Its trading volume went up by 969.7%, from $120.6 billion in 2023 to $1.29 trillion in 2024. This made it the third-largest centralized crypto exchange with a 6.8% market share.
Bybit and Gate.io ranked behind Crypto.com in terms of growth, placing second and third with annual increases of 397.8% and 241.5%, respectively. CoinGecko further explained:
“The top 15 centralized crypto exchanges had $18.83 trillion in spot trading volume in 2024. This represents an increase of +134.0% ($10.78T) from 2023, which saw $8.05 trillion in volume. While trading volume in 2024 was much higher than in 2022 and 2023, it still paled compared to 2021. During the bull cycle of 2021, the top 15 exchanges saw annual volumes hit $25.21 trillion.”
While some exchanges experienced growth, others struggled. OKX, HTX, and MEXC have lost market share since 2020. CoinGecko noted that the rise of new exchanges has impacted longstanding platforms. FTX was also a key player, holding 2.6% of the market volume in 2021 and 4.8% in 2022 before its collapse. The report states:
“The entry of new exchanges such as Crypto.com, Bybit, and BingX has managed to eat into the market share of longstanding exchanges. FTX was also a major contender, having accounted for 2.6% of volume in 2021 and 4.8% in 2022. This made it the sixth-largest exchange in both years before its eventual downfall.”
CoinGecko shared that it compiled the data by analyzing the annual spot trading volume of the top 15 centralized exchanges from 2020 to 2024. The list includes Binance, Bybit, Crypto.com, Upbit, OKX, Coinbase, Gate.io, HTX, MEXC, Bitget, KuCoin, Bithumb, Kraken, BingX, and Bitfinex. Market share was measured by total yearly trading volume.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
