Crypto.com increased its share of the centralized crypto exchange market in 2024, while industry leaders Binance and OKX saw declines, according to a report from CCData.
Among the largest exchanges, Binance, Bybit, and Coinbase led in spot trading volume in December, collectively accounting for 55.7% of total volume — down from 58.4% in November.
Centralized exchanges ended 2024 with a record annual trading volume of $75.8 trillion, surpassing the previous high of $65.1 trillion in 2021.
Analysts expect continued market shifts, with Crypto.com, Coinbase, and Bitget well-positioned for growth, while Binance and OKX face further competition.
Crypto.com emerged as one of the biggest market share gainers in 2024, increasing 6.26% year-to-date to 8.66%.
Other notable gainers included Bitget (+2.53%) and WhiteBIT (+1.14%), which ended the year with 4.25% and 5.12% market share, respectively.
Binance maintained its position as the largest centralized exchange, with a 25.4% spot market share and 35.1% combined market share for spot and derivatives trading.
However, it recorded its lowest market share since January 2021, after its third consecutive monthly decline. Year-over-year, Binance’s market share fell 7.49%, while OKX and Upbit experienced declines of 3.22% and 2.71%, respectively.
Bitget’s spot trading volume surged 97.6% to $159 billion in December, setting a new record and pushing its market share to 4.25%.
Additionally, MEXC Global’s market share hit a record 4.42%, with $165 billion monthly volume.
Record in monthly trading volumes
Total spot and derivatives trading volume on centralized exchanges rose 7.58% in December to $11.3 trillion, a new all-time high driven by volatility in crypto and shifting market dynamics.
Spot trading volumes increased 8.10% to $3.73 trillion, surpassing the previous peak set in May 2021, while derivatives trading volume grew 7.33% to $7.58 trillion—the third consecutive monthly increase.
Despite the growth in trading volumes, the market share of derivatives trading declined, reaching its lowest level since June 2022.
The report attributed this shift to a stronger influence of spot trading on crypto as market participants adjusted expectations amid reports of fewer interest rate cuts in 2025.
Institutional adoption and derivatives growth
Derivatives markets continued to dominate crypto trading, accounting for 69.2% of total volumes in 2024, compared to 59.5% in 2021. The report noted that the trend highlights growing institutional adoption and demand for risk management tools.
Coinbase International saw derivatives trading soar 376% to $416 billion, elevating its market share to 5.50% and making it the fifth-largest derivatives exchange.
Bybit and OKX followed Binance in derivatives market share, with 16.3% and 15.9%, respectively. Bybit also posted a record $1.20 trillion in monthly derivatives volume.
Lastly, CME’s derivatives trading rose 7.83% to $264 billion, marking an all-time high.
