Cryptocurrency trading volumes surge by a substantial 139% in the year 2024 on centralized exchanges (CEX)
In the dynamic world of cryptocurrency, the year 2024 marked a significant shift in trading volumes. Binance, the dominant player, maintained nearly half of the global trading volume, with a 49.7% market share and an impressive $8.98 billion in daily volume[1]. This figure outpaces competitors despite regulatory scrutiny[2].
Bybit, a rising contender, ranked second in trading volume, boasting approximately $2.36 billion daily volume and a market share of 7.6-12%[1][2][3]. OKX and Coinbase also held substantial shares, but they experienced slight declines in market share in 2025 compared to previous years[3].
Uniswap and Crypto.com, while major players in their respective niches, did not rank among the top by trading volume in these reports. Uniswap, as a decentralized exchange (DEX), generally has strong DeFi trading volume but remains smaller compared to centralized exchanges (CEX) like Binance and Bybit[1][3].
Key points of growth and trends in 2024–2025 include:
- Binance's market share slightly declined compared to previous years but still dominated with quarterly spot volumes exceeding $3.5 trillion in H1 2025 and 35-50% overall market share[1][2][3].
- Bybit and OKX held solid second and third places but saw marginal dips (less than 1%) in share, reflecting competitive and regulatory pressures[3].
- The derivatives market remained robust, with exchanges like Bybit excelling in this sector[2].
- Regulatory challenges affected Binance and others, but innovations and expansions of exchange offerings kept trading volumes high[1].
- Crypto.com and Uniswap’s growth were more niche-focused but contributed notably to DeFi and NFT-related trading, though exact 2024 volume figures vis-à-vis top centralized exchanges were not highlighted in the data[1][3].
Overall, centralized exchanges (CEXs) like Binance, Bybit, Coinbase, and OKX dominated trading volumes in 2024–2025, with Binance leading by a wide margin. Decentralized exchanges (DEXs) such as Uniswap remain important for decentralized finance but have smaller overall trading volumes compared to major CEXs[1][3][4].
This reflects a market trending toward a mix of centralized liquidity and decentralized access, with Binance and Bybit showing strong growth fueled by derivatives and global user bases, and exchanges like Crypto.com and Uniswap capitalizing on specific segments within the ecosystem.
In addition, the spot market share of Binance decreased from 49% to 39% in 2024, while the derivatives market share dropped from 50% to 38% in the same year[1]. The total spot trading volume on centralized exchanges (CEX) increased by 139% in 2024, reaching $18.38 billion[1].
Other notable mentions include Pancake Swap, which had the second-highest trading volume among DEXs in December 2024, with $96.4 billion, and Raydium, which had the third-highest trading volume with $58 billion[1]. Gate placed third among exchanges, with a growth rate of 244%, and Crypto.com showed the strongest growth among exchanges, with a growth rate of 960%[1].
In 2024, Binance registered over 250 million users, marking a 47% increase, and the combined traffic to centralized cryptocurrency exchanges grew by 22% in the same period[1]. The aggregate monthly trading volume of Decentralized Exchanges (DEX) reached a record $463 billion in December 2024, with Uniswap leading the pack with $106.4 billion[1].
[1] Source: CoinMarketCap Report 2025 [2] Source: Binance Blog: Navigating Regulatory Challenges [3] Source: The Block Crypto 2025 Annual Report [4] Source: Decentralised Finance (DeFi) Report 2025 by Deloitte and Coinbase
- In the competitive world of cryptocurrency finance, technology, and industry, Binance and Bybit emerged as the leading centralized exchanges (CEXs) in terms of daily trading volume, with Binance dominating the market.
- The explosion of growth in centralized exchanges like Binance and Bybit in 2024-2025 was driven by strong derivatives markets and global user bases, while decentralized exchanges (DEXs) like Uniswap remained crucial for decentralized finance but had smaller trading volumes.
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