- Binance and OKX saw a decline in market share in 2024, while Crypto.com emerged as a major gainer, increasing its market share to 8.66% amid growing competition.
- Despite Binance maintaining its lead, centralized exchanges recorded an all-time high annual trading volume of $75.8 trillion, driven by rising institutional adoption and shifting market dynamics.
The centralized crypto exchange market witnessed a significant shift in 2024, as industry giants Binance and OKX saw a decline in market share.
Conersely, Crypto.com emerged as a key gainer, according to a report from CCData. This shift highlights the increasing competition among exchanges and evolving market dynamics as institutional and retail investors navigate a rapidly growing sector.
Crypto.com Gains Market Share Amid Binance and OKX Declines
Crypto.com recorded one of the highest market share increases in 2024, surging 6.26% year-to-date to reach 8.66%. Other notable gainers included Bitget, which grew by 2.53% to 4.25%, and WhiteBIT, which rose 1.14% to secure a 5.12% market share. This upward trend reflects a diversification in exchange preferences among traders and investors.
On the other hand, Binance, while still the largest centralized exchange, recorded its lowest market share since January 2021. Its spot market share stood at 25.4%, while its combined market share for spot and derivatives trading reached 35.1%. However, Binance suffered a year-over-year decline of 7.49%, marking its third consecutive month of decline. Similarly, OKX and Upbit experienced losses of 3.22% and 2.71%, respectively.
Despite the decline in market share for some major exchanges, centralized crypto exchanges collectively ended 2024 with a record annual trading volume of $75.8 trillion. This surpassed the previous high of $65.1 trillion recorded in 2021, demonstrating the crypto market’s resilience and growing adoption.
In December alone, total spot and derivatives trading volume on centralized exchanges rose by 7.58% to $11.3 trillion, reaching an all-time high. Spot trading volumes increased by 8.10% to $3.73 trillion, surpassing the previous peak set in May 2021.
Derivatives trading volume also saw a rise of 7.33%, hitting $7.58 trillion for the third consecutive monthly increase. However, derivatives market share dropped to its lowest level since June 2022 as traders adjusted their strategies amid reports of fewer interest rate cuts in 2025.
Derivatives Market Dominance and Institutional Growth
While spot trading gained traction, derivatives markets continued to dominate, accounting for 69.2% of total crypto trading volumes in 2024, compared to 59.5% in 2021. The increase highlights the growing influence of institutional investors and the demand for sophisticated risk management tools.
Coinbase International recorded a 376% surge in derivatives trading volume, reaching $416 billion and elevating its market share to 5.50%, making it the fifth-largest derivatives exchange. Bybit and OKX followed Binance in derivatives market share, with 16.3% and 15.9%, respectively. Bybit also set a record with $1.20 trillion in monthly derivatives trading volume.
CME also experienced growth, with derivatives trading rising by 7.83% to $264 billion, marking an all-time high and reinforcing its role as a critical player in institutional crypto trading.
Analysts predict continued market shifts in 2025, with Crypto.com, Coinbase, and Bitget well-positioned for further growth. Meanwhile, Binance and OKX may face increasing competition as regulatory pressures and emerging platforms challenge their dominance. With trading volumes hitting record highs and institutional participation rising, the crypto exchange landscape is set for further evolution in the coming years.
The post Binance & OKX See Market Share Decline in 2024, While Crypto.com Gains Momentum appeared first on ETHNews.
