Binance’s Market Share Dips as Trading Volume Surges to $6.4 Trillion Across Top Centralized Exchanges in Q4 2024

• The cryptocurrency market experienced a significant upswing in late 2024, with centralized exchanges showing remarkable growth in trading volume.

• The report from CoinGecko highlights that the surge can be attributed to the increasing interest in digital assets and improved market conditions.

• “The resurgence in trading volume is indicative of a maturing market,” commented a CoinGecko analyst, emphasizing the potential for further growth.

This article discusses the remarkable trading volume increase in centralized exchanges for Q4 2024, analyzing key players like Binance and Crypto.com.

Centralized Exchanges Experience Record Trading Volume Growth in Q4 2024

The latest findings from CoinGecko reveal that trading volume across the top ten centralized exchanges (CEX) surged to an astonishing $6.4 trillion in the fourth quarter of 2024. This achievement marks a breathtaking 111.7% increase compared to the previous quarter and showcases a robust recovery in the crypto trading landscape.

Binance Leads with Significant Trading Volume Amidst Evolving Market Dynamics

Binance has continued to solidify its position as a market leader by achieving a trading volume of $1 trillion in December alone. This accomplishment not only represents Binance’s second $1 trillion month in 2024 but also underscores its significant contribution to the overall market dynamics. Over the entirety of 2024, the exchange accounted for a remarkable 42.4% of total volume among the leading exchanges, driving $7.4 trillion compared to the $17.4 trillion accumulated by all top exchanges combined.

However, it is notable that Binance has faced a gradual decline in market share over 2024, starting the year strong at 44.1% but gradually dipping below 40% in recent months. Despite this, the exchange still demonstrated volumes that surpassed the next five largest exchanges combined.

Crypto.com Reaches New Heights in Q4 Trading Volume

In a remarkable turn of events, Crypto.com emerged as the second-largest exchange, achieving a market share of 11.2% and a trading volume of $322.3 billion in December alone. This represents a significant monthly increase of 12.7% from November.

Throughout Q4 2024, Crypto.com demonstrated robust growth, with its total trading volume jumping from $539.8 billion in the first three quarters to a staggering $757.8 billion in the final quarter. This performance has positioned Crypto.com as a formidable player in the current crypto landscape.

Upbit’s Remarkable Recovery Stemming from Regional Events

Following its return to the third-largest exchange position in November, Upbit showcased exceptional performance in December with a trading volume of $282.7 billion, representing a 22% increase from the previous month. The surge has been linked to increased trading activities following the declaration of martial law in South Korea on December 3, resulting in a six-fold daily volume increase, averaging $21 billion per day.

Conclusion

The fourth quarter of 2024 marks a pivotal moment for centralized exchanges, as evident from their record trading volumes. Binance, despite a slight decrease in market share, remains the dominant force, while Crypto.com capitalizes on its growth momentum. Upbit’s significant volume increase illustrates how geopolitical events can influence trading dynamics. As the crypto market continues to mature, stakeholders are likely to keep a close eye on these trends, anticipating further developments in 2025.