Data from CoinGecko is currently showing that trading activities from centralized exchanges soared to approximately $18.83 trillion in 2024. Furthermore, highlighting a large 134% surge from 2023’s trading total of $8.05 trillion. The current exchange volumes stand at $18.83 trillion while remaining lower than the 2021 summit of $25.21 trillion that resulted from extraordinary market events and retail trading activity.
Exchange Performance
Binance maintained its top position as the major marketplace through $7.35 trillion in trading activities which accounted for 39% of the total market transactions. Crypto.com experienced exceptional growth to reach $1.29 trillion through its emerging platform while Bybit gained 397.8% to reach $1.75 trillion.
Market Share Shifts
The market underwent substantial transformations because new platforms started capturing market share. Traditional crypto exchanges OKX and HTX together with MEXC experienced their market share decrease from double to single digits. The market continues to evolve due to the elimination of collapsed exchanges such as FTX.
Industry Evolution
New exchanges continue to dominate established counterparts in dominating industry share by progressively acquiring market segments from older platforms. The marketplace continues to transform because companies continuously adjust to changes in regulations and technology developments and changing customer preferences.
Market Overview
The market recovered its trading volumes robustly throughout 2024 yet presented different dynamics compared to the height of 2021. Emerging trading platforms along with their success indicate that trading will become more distributed across various platforms in the future.
