Top crypto exchanges double trading volume in Q4, reaching $6.4 trillion

The top ten centralized crypto exchanges (CEXs) recorded a 111.7% increase in their trading volume for Q4 of 2024, finishing the last quarter with an overall trading volume of $6.4 trillion. Crypto data aggregator CoinGecko disclosed this in its latest report analyzing the performance of CEXs.

According to the report, eight of the top ten CEXs saw more than a 100% increase in their trading volume, highlighting the massive increase in activity during the last quarter. The best performer was Upbit, which experienced over 300% growth in its trading volume.

However, other exchanges, such as Coinbase and Crypto.com, also recorded more than 150% growth, while Gate.io, MEXC, Bitget, and OKX saw increases varying between 137% and 120%. The world’s largest exchange by market share, Binance, also doubled its trading volume, but ByBit and HTX only recorded 44.7% and 13.9% increases, respectively.

Overall, Q4 was the best of the four quarters for the exchanges, with the annual trading volume for the top CEXs at $17.4 trillion. Binance alone accounted for $7.4 trillion.

Binance remains the biggest exchange even as dominance fades

Meanwhile, Binance remains the biggest exchange in the world, both for spot and decentralized trading, even as other exchanges are slowly creeping up on it.

According to CoinGecko, the exchange recorded $1 trillion in total spot trading volume for December 2024, finishing the year with a 34.7% market share.

This was still not its best month in 2024, as it had pulled in $1.1 trillion in monthly volume in March 2024. Despite finishing the year on what seems like a high, Binance market share declined throughout as it started 2024 with a 44.1% share.

However, Crypto.com is showing that it is ready to compete by now solidifying itself in second place. It finished the year with an 11.2% market share after its trading volume grew by 12.7% in December, enabling it to record $322.3 billion in trading volume.

Overall, Crypto.com saw $757.8 billion in volume for Q4, more than the combined $539.8 billion in the first three quarters. This highlights its rise due to several factors, including its extensive global reach, rise in institutional clients, and general surge in digital assets value in Q4.

The only other exchange with up to 9% market share was Upbit, which had 9.8% after recording $283.7 billion in December. Its surge in Q4 was amplified by the declaration of martial law in South Korea on December 3.

During that political turmoil, the daily volume on Upbit increased 6x to $21 billion. The other seven exchanges have 44.3% of the market share, with Bybit, Gate.io, and Coinbsse having 8.9%, 6.8%, and 6.5%, respectively.

Crypto market sets record for activity in December

Meanwhile, the massive trading volume for CEXs in Q4 is mostly due to December performance. During the month, the crypto market broke records for spot and derivates trading. According to CCData,  CEXs saw an 8.10% increase, spot trading to reach $3.73 trillion volume, the highest ever.

The derivatives market was equally good, with a third consecutive increase leading to a $7.58 trillion trading volume. Combined, trading volume for both CEX spot and derivatives markets increased by 7.58% in December to reach $11.3 trillion, a record high.

Interestingly, the share of the derivatives market in total trading volume continues to decline, falling to 67% from 67.2% in November. This is the lowest level since June 2022.

Binance is also the leading CEX for derivatives market share, with $3.02 trillion accounting for 39.9% of the December market share. OKX had 16.3% for $1.23 trillion, while ByBit completed the top three with 12.4% for $1.20 trillion. Coinbase was the best-performing CEX for derivatives, with a 378% increase to $416 billion.

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