Crypto.com Gains Share in Centralized Exchange Market, Binance and OKX Experience Decline
Market Trends and Shareholding
Crypto.com has increased its share of the centralized crypto exchange market in 2024, while industry leaders Binance and OKX have seen 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.
Record Annual Trading Volume
Centralized exchanges ended 2024 with a record annual trading volume of $75.8 trillion, surpassing the previous high of $65.1 trillion in 2021.
Market Shifts and Growth
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%.
Notable Gainers
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 Market Share Decline
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.
Record Spot Trading Volume
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.
In conclusion, Crypto.com has made significant gains in the centralized exchange market, while Binance and OKX have experienced declines. The market is expected to continue shifting, with Crypto.com, Coinbase, and Bitget well-positioned for growth.
FAQs
Q: What was the total trading volume on centralized exchanges in 2024?
A: Centralized exchanges ended 2024 with a record annual trading volume of $75.8 trillion.
Q: Which exchanges led in spot trading volume in December?
A: Binance, Bybit, and Coinbase led in spot trading volume in December, collectively accounting for 55.7% of total volume.
Q: What was the market share of Binance in 2024?
A: 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.
Q: Which exchanges are well-positioned for growth in 2025?
A: Crypto.com, Coinbase, and Bitget are expected to be well-positioned for growth in 2025, as the market continues to shift.
