Crypto exchanges saw nearly $19t in trading volume in 2024, down 25% from 2021 peak

The biggest centralized crypto exchanges moved $18.83 trillion in spot trades last year, but that’s still short of 2021’s record.

Some platforms took off in 2024, while others fell behind. Data compiled by crypto price aggregator CoinGecko reveals that Binance led the pack in 2024, holding nearly a 40% market share with $7.35 trillion in trading volume. Bybit followed at 9.3%, the data shows.

Although Crypto.com secured only a 6.8% market was share, it turned out to be the fastest-growing exchange. Over the past year, it saw nearly a +970% increase in volume, hitting $1.29 trillion from $120.6 billion in 2023. Bybit and Gate.io ranked second and third, gaining nearly +398% and +242%, respectively.

In total, the top 15 centralized exchanges saw $18.83 trillion in spot trading volume in 2024. And while the figure more than doubled 2023’s $8.05 trillion, volumes still remained below previous peaks.

“While trading volume in 2024 was much higher than in 2022 and 2023, it still paled compared to 2021. During the bull cycle of 2021, the top 15 exchanges saw annual volumes hit $25.21 trillion.”

CoinGecko

OKX, HTX, and MEXC have been slipping since 2020 as newer exchanges took off, while FTX didn’t even make it past 2022.

“FTX was also a major contender, having accounted for 2.6% of volume in 2021 and 4.8% in 2022. This made it the sixth-largest exchange in both years before its eventual downfall.”

CoinGecko

CoinGecko says it pulled data from 2020 to the end of 2024, ranking the top 15 centralized exchanges by spot trading volume. The list included Binance, Bybit, Crypto.com, Upbit, OKX, Coinbase, Gate.io, HTX, MEXC, Bitget, KuCoin, Bithumb, Kraken, BingX, and Bitfinex.