Crypto.com elevated its share of the centralized crypto trade market in 2024, whereas trade leaders Binance and OKX noticed declines, in line with a report from CCData.
Among the many largest exchanges, Binance, Bybit, and Coinbase led in spot buying and selling quantity in December, collectively accounting for 55.7% of complete quantity — down from 58.4% in November.
Centralized exchanges ended 2024 with a file annual buying and selling quantity of $75.8 trillion, surpassing the earlier excessive of $65.1 trillion in 2021.
Analysts count on continued market shifts, with Crypto.com, Coinbase, and Bitget well-positioned for development, whereas Binance and OKX face additional competitors.
Crypto.com emerged as one of many largest market share gainers in 2024, growing 6.26% year-to-date to eight.66%.
Different notable gainers included Bitget (+2.53%) and WhiteBIT (+1.14%), which ended the 12 months with 4.25% and 5.12% market share, respectively.
Binance maintained its place as the biggest centralized trade, with a 25.4% spot market share and 35.1% mixed market share for spot and derivatives buying and selling.
Nonetheless, it recorded its lowest market share since January 2021, after its third consecutive month-to-month decline. 12 months-over-year, Binance’s market share fell 7.49%, whereas OKX and Upbit skilled declines of three.22% and a couple of.71%, respectively.
Bitget’s spot buying and selling quantity surged 97.6% to $159 billion in December, setting a brand new file and pushing its market share to 4.25%.
Moreover, MEXC International’s market share hit a file 4.42%, with $165 billion month-to-month quantity.
Report in month-to-month buying and selling volumes
Whole spot and derivatives buying and selling quantity on centralized exchanges rose 7.58% in December to $11.3 trillion, a brand new all-time excessive pushed by volatility in crypto and shifting market dynamics.
Spot buying and selling volumes elevated 8.10% to $3.73 trillion, surpassing the earlier peak set in Might 2021, whereas derivatives buying and selling quantity grew 7.33% to $7.58 trillion—the third consecutive month-to-month enhance.
Regardless of the expansion in buying and selling volumes, the market share of derivatives buying and selling declined, reaching its lowest stage since June 2022.
The report attributed this shift to a stronger affect of spot buying and selling on crypto as market members adjusted expectations amid experiences of fewer rate of interest cuts in 2025.
Institutional adoption and derivatives development
Derivatives markets continued to dominate crypto buying and selling, accounting for 69.2% of complete volumes in 2024, in comparison with 59.5% in 2021. The report famous that the pattern highlights rising institutional adoption and demand for danger administration instruments.
Coinbase Worldwide noticed derivatives buying and selling soar 376% to $416 billion, elevating its market share to five.50% and making it the fifth-largest derivatives trade.
Bybit and OKX adopted Binance in derivatives market share, with 16.3% and 15.9%, respectively. Bybit additionally posted a file $1.20 trillion in month-to-month derivatives quantity.
Lastly, CME’s derivatives buying and selling rose 7.83% to $264 billion, marking an all-time excessive.
