In the rapidly evolving cryptocurrency ecosystem, centralized exchanges (CEXs) remain a primary choice for digital asset trading due to their convenience, high liquidity, and robust security features. Based on the latest CoinGecko data, here are the five largest CEXs dominating global market share in 2024.
1. Binance
Market Share: 34.7% (December 2024)
Spot Trading Volume: $1 trillion (monthly)
Binance retains its position as the world's largest CEX, despite a gradual decline in market share from 44.1% at the beginning of 2024. Annual dominance peaked at 42.4% ($7.4 trillion of the $17.4 trillion total volume across top 10 CEXs).
👉 How Binance maintains its lead
2. Crypto.com
Market Share: 11.2%
Spot Trading Volume: $322.3 billion (December 2024)
Crypto.com saw a 12.7% monthly increase in trading volume, driven by institutional clients and high-frequency traders. Its Q4 2024 volume ($757.8 billion) surpassed the combined total of the first three quarters ($539.8 billion).
3. Upbit
Market Share: 9.8%
Spot Trading Volume: $282.7 billion
Upbit recorded a 314.8% quarterly growth, fueled by South Korea’s military emergency declaration in December 2024. Daily volumes surged from $3.5 billion to $21 billion during the peak.
👉 Upbit’s security measures for investors
4. Bybit
Market Share: 8.92%
Spot Trading Volume: $257 billion
Bybit expanded its quarterly trading volume by 44.7% in Q4 2024 ($687.3 billion vs. $475.1 billion in Q3).
5. Gate.io
Market Share: 6.81%
Spot Trading Volume: $196.4 billion
Gate.io’s Q4 volume spiked 137.2% ($579.1 billion vs. $244.2 billion in Q3), securing its position in the top five.
FAQ Section
Q1: Why do traders prefer CEXs over DEXs?
A1: CEXs offer higher liquidity, faster transactions, and regulated security features.
Q2: How did Upbit achieve such rapid growth?
A2: Geopolitical events and localized market strategies drove unprecedented trading activity.
Q3: Is Binance’s dominance sustainable?
A3: While leading, competition and regulatory challenges may reshape market dynamics.
👉 CEX vs. DEX: Key differences
Note: Other top 10 CEXs include Coinbase, OKX, and HTX, with collective Q4 2024 volumes rising 111.7% ($6.4 trillion total).
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