In line with a CoinGecko report, in This autumn 2024, the general buying and selling quantity of the highest 10 crypto centralized exchanges (CEX) surged, with eight of them recording triple-digit proportion development.
It was additionally discovered that the whole buying and selling quantity for the highest 10 exchanges in This autumn was $6.4 trillion, a 111.7% enhance from the earlier quarter.
Binance Maintains Dominance as Prime CEX, Regardless of Declining Market Share
On the shut of 2024, Binance remained the clear chief available in the market, sustaining a dominant market share of 34.7%.
The CoinGecko report confirmed that in December alone, the alternate recorded a considerable spot buying and selling quantity of $1.0 trillion. This marked a slight enhance of two.3% from November’s $979.1 billion.
Month-to-month Buying and selling Volumes of Prime 10 Centralized Exchanges. Supply: CoinGecko
The achievement marked Binance’s second $1 trillion quantity month in 2024. Over the course of the yr, Binance’s dominance was much more pronounced, capturing 42.4% of the whole quantity among the many prime 10 exchanges, with $7.4 trillion traded in comparison with the $17.4 trillion in whole quantity for the group.
Regardless of its dominance, Binance has skilled a gradual lack of market share in 2024. Beginning the yr with a 44.1% share, it has seen a decline in its portion of the market since September, dipping beneath 40%.
“Nonetheless, it’s nonetheless the biggest alternate by a big margin. For comparability, it had extra buying and selling quantity than the following 5 largest exchanges mixed in 2024 ($7.4 trillion vs. $6.6 trillion),” CoinGecko stated.
The Prime 10 Centralized Crypto Exchanges and Their Development in This autumn. Supply: CoinGecko
Crypto.com’s This autumn Surge Powers It to Robust Second Place
Crypto.com emerged because the second-largest alternate by buying and selling quantity in December. It had an 11.2% market share and $322.3 billion in buying and selling quantity. This represents a major enhance of 12.7% from the earlier month.
In This autumn 2024, Crypto.com noticed a pointy enhance in quantity. The volumes rose from $539.8 billion within the first three quarters of the yr to $757.8 billion within the closing quarter.
Upbit, which reclaimed its spot because the third-largest alternate in November 2024, continued its upward trajectory into December. The alternate recorded $282.7 billion in spot buying and selling quantity for the month, a notable 22% development from November.
Upbit’s efficiency in This autumn was pushed by a dramatic surge in quantity following the declaration of martial regulation in South Korea on December 3. This led to a six-fold enhance in every day volumes, reaching a median of $21 billion per day.
