In response to a report by CCDATA, Crypto.com elevated its centralized Crypto Change Market share in 2024, whereas business leaders Binance and OKX noticed a decline.
Among the many greatest exchanges, Binance, Bibit and Coinbase led spot buying and selling volumes in December, collectively accounting for 55.7% of the entire, down from 58.4% in November.
The centralized trade resulted in 2024, with a report annual buying and selling quantity of $75.8 trillion, surpassing its earlier excessive of $65.1 trillion in 2021.
Analysts look ahead to a steady market shift the place Crypto.com, Coinbase and Bitget are properly positioned for development, however Binance and OKX face extra competitors.
Crypto.com appeared as one of many largest market share positive aspects in 2024, up 6.26% from the beginning of the yr to eight.66%.
Different notable positive aspects embody bit get (+2.53%) and white bits (+1.14%), ending the yr with market shares of 4.25% and 5.12%, respectively.
Binance maintained its place as the biggest centralized trade, sustaining its spot market share of 25.4% and whole market share of spot and by-product buying and selling at 35.1%.
Nevertheless, since January 2021, it has been the bottom market share after a month-to-month third yr in a row. Binance’s market share fell 7.49% year-on-year, whereas OKX and Upbit skilled a 3.22% and a pair of.71% decline, respectively.
Bitget’s spot buying and selling quantity rose 97.6% to $1590 billion in December, setting a brand new report and pushing market share to 4.25%.
Moreover, MEXC World’s market share reached a report 4.42%, leading to a month-to-month variety of $165 billion.
Document in month-to-month buying and selling quantity
Whole spots and derivatives buying and selling volumes for centralized exchanges rose 7.58% to $11.3 trillion in December.
Spot buying and selling quantity rose 8.10% to $3.73 trillion, surpassing its earlier peak set in Could 2021, whereas by-product buying and selling quantity rose 7.33% to $7.58 trillion.
Regardless of elevated buying and selling volumes, the market share of by-product buying and selling has declined, reaching its lowest degree since June 2022.
The report attributed the shift to a stronger impression of spot buying and selling on crypto as market contributors adjusted their expectations amid studies that rate of interest cuts have been low in 2025.
Institutional recruitment and derivatives development
The derivatives market continued to dominate crypto buying and selling, accounting for 69.2% of whole quantity in 2024, in comparison with 59.5% in 2021. The report famous that this pattern underscores the rising demand for institutional adoption and threat administration instruments.
Coinbase Worldwide has elevated its buying and selling derivatives by 376% to $416 billion, growing its market share to five.50%, making it the fifth largest by-product trade.
BYBIT and OKX adopted Binance, derivatives market share, at 16.3% and 15.9%, respectively. Bybit recorded a report $1.20 trillion in its month-to-month by-product quantity.
Lastly, CME derivatives buying and selling rose 7.83% to $264 billion, a report excessive.
