Crypto.com is standing out as the fastest-growing centralized exchange (CEX) of 2024. They’ve seen trading volume jump significantly. According to a new CoinGecko report, the platform achieved an incredible 969.7% growth. Their annual trading volume shot up from $120.6 billion in 2023 to a massive $1.29 trillion in 2024.
This milestone means the exchange has now surpassed the $1 trillion mark for the first time. While other exchanges also grew, none grew as quickly as Crypto.com.
Related: Centralized Exchanges vs. Self-Custody: Which is Safer for Your Crypto?
Binance Still Leads CEX Market
Even with market share shifting a bit, Binance remained the biggest centralized exchange in 2024. It still holds 39.0% of the market, generating $7.35 trillion in trading volume.
Bybit came in second as the next largest exchange with a 9.3% share. They hit $1.75 trillion in volume. Crypto.com, meanwhile, took third place with a 6.8% market share. Upbit, OKX, and Coinbase followed, all holding onto a strong position in crypto trading.
CEX Spot Trading Volume Surges in 2024
The top 15 centralized exchanges combined recorded a spot trading volume of $18.83 trillion in 2024. This huge number is a 134.0% increase from 2023, which saw $8.05 trillion in trading volume.
However, even with this major growth, total volume is still less than 2021’s record-breaking $25.21 trillion. This return in trading activity suggests the market is getting back on its feet but isn’t fully back to the peak of previous years yet.
Related: Binance Market Share Tumbles 18% on Regulatory Heat in US: Kaiko
Bybit and Gate.io Show Strong Growth Too
Bybit recorded the second-fastest growth in 2024, boosting its trading volume by 397.8%. The exchange’s volume leapt from $351.2 billion in 2023 to $1.75 trillion. This is also the first time they’ve gone past $1 trillion in trading.
Gate.io was third in growth, increasing its trading volume by 241.5% to $1.01 trillion in 2024. These numbers show how competitive the market is, with newer platforms catching up fast.
CEX Market Share Changes Hands
While some exchanges gained, others saw market share decrease. OKX, HTX, and MEXC saw their market positions shrink between 2020 and 2024.
OKX dropped from 16.3% to 6.2%, HTX went down from 16.0% to 4.4%, and MEXC fell from 16.6% to 4.1%. New players like BingX and Crypto.com, on the other hand, grew steadily, changing the competitive picture of the industry.
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