Top 10 Crypto CEXs See $6.4 Trillion Trading Volume in Q4 2024
According to a CoinGecko report, overall trading volume at the top 10 crypto centralized exchanges (CEX) surged in the fourth quarter of 2024, with 8 exchanges recording triple-digit percentage growth.
It was also found that the total trading volume of the top ten exchanges in the fourth quarter was US$6.4 trillion, an increase of 111.7% from the previous quarter.
Binance maintains dominance as top CEX despite declining market share
By the end of 2024, Binance remains the clear leader In the market, it maintains a leading market share of 34.7%.
Coin Gecko Report Data shows that the exchange’s spot trading volume reached $1 trillion in December alone. This was a slight increase of 2.3% from November’s $979.1 billion.
This achievement marks Binance’s second month of 2024 when trading volume reached $1 trillion. Binance’s dominance becomes more apparentAccounting for 42.4% of the total trading volume of the top 10 exchanges, the trading volume was US$7.4 trillion, while the group’s total trading volume was US$17.4 trillion.
Despite its dominance, Binance experiences gradual losses By 2024, its market share will reach 44.1%. Since September this year, its market share has continued to decline, falling below 40%.
“However, it is still the largest exchange. By comparison, it has more trading volume than the next five largest exchanges combined in 2024 ($7.4 trillion vs. $6.6 trillion), ” said CoinGecko.
Crypto.com becomes second largest exchange Calculated based on transaction volume in December. It has 11.2% market share and $322.3 billion in trading volume. this represents a significant increase An increase of 12.7% from the previous month.
Q4 2024, Crypto.com sees dramatic increase in trading volume. Transaction volume increased from US$539.8 billion in the first three quarters of this year to US$757.8 billion in the last quarter.
Upbit regained its position as the third largest exchange in November 2024 and continued its upward trend in December. The exchange’s spot trading volume reached $282.7 billion this month, a significant increase of 22% from November.
Upbit’s performance in Q4 was driven by the announcement Martial Law in South Korea December 3rd. This resulted in a six-fold increase in daily trading volume to an average of $21 billion per day.
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