Coingecko: Who is the largest centralized exchange in 2024?

Source: Coingecko; Compilation: Baishui, bitchain vision

Who is the largest centralized exchange in 2024?

Binance is the largest centralized exchange in 2024 with a market share of 39.0%.In 2024, its trading volume was $7.35 trillion.

Following closely behind is Bybit, with a market share of 9.3% and a trading volume of $1.75 trillion.

Crypto.com became the third largest centralized cryptocurrency exchange at the end of 2024, with a market share of 6.8% and a spot trading volume of $1.29 trillion.

Which centralized exchange is the fastest growing in 2024?

Crypto.com is the fastest growing centralized exchange in 2024, with a growth of +969.7%.Its annual trading volume grew from $120.6 billion in 2023 to $1.29 trillion in 2024, the first time its trading volume reached $1 trillion.

In second place is Bybit, which grew by +397.8% in 2024.It grew from $351.2 billion in 2023 to $1.75 trillion in 2024.Similar to Crypto.com, it has crossed the $1 trillion mark for the first time since its inception.

Meanwhile, Gate.io is the third fastest growing player, with trading volumes growing +241.5% from $294.5 billion in 2023 to $1.01 trillion in 2024.

What is the spot trading volume in 2024?

In 2024, the top 15 centralized cryptocurrency exchanges had spot trading volume of $18.83 trillion.This is +134.0% ($10.78 trillion) from the $8.05 trillion transaction volume in 2023.

While 2024 transaction volumes are much higher than 2022 and 2023, they still pale in comparison to 2021.During the 2021 bull cycle, the top 15 exchanges reached $25.21 trillion in annual trading volume.

Which year did the most transaction volume?

2021 was the year with the highest trading volume, hitting an all-time high of $25.21 trillion.This is +566.8% ($21.43 trillion) higher than the $3.78 trillion transaction volume in 2020.

Some notable events in 2021 include:

Bitcoin hits record high of $69,044
Terra’s UST stablecoin is popular
NFT popularity soars
Binance Smart Chain, Polygon, Avalanche and Fantom have surged
Coinbase debuts on Nasdaq and quickly becomes the world’s largest listed cryptocurrency company
Cryptocurrency market capitalization reaches $3 trillion for the first time

Which exchanges have declined in market share since 2020?

OKX, HTX and MEXC are centralized cryptocurrency exchanges with declining market share since 2020.In 2020, these exchanges had market shares of 16.3%, 16.0%, and 16.6%, respectively.However, by the end of 2024, their market share had dropped to 6.2%, 4.4%, and 4.1%.While these exchanges have maintained a steady or rising trading volume over the years, new entrants have surpassed them.

The entry of new exchanges such as Crypto.com, Bybit and BingX has successfully eroded the market share of long-term exchanges.FTX is also a major contender, accounting for 2.6% of transaction volume in 2021 and 4.8% in 2022.This makes it the sixth largest exchange in the two years before it eventually collapses.

2020 to 2024 Top 15 Big Cryptocurrency Exchange Market Share

Between 2020 and 2024, the centralized cryptocurrency exchange landscape has undergone tremendous changes.The ranking order continues to change, and Binance is the only exchange that dominated the market throughout the period.

The 15 major centralized cryptocurrency exchanges and their market share over the years are as follows: