TL;DR
- The trading volume on major centralized exchanges reached $6.4 trillion in Q4 2024, a 111.7% increase from the previous quarter.
- Binance led with $1 trillion in trades in December, but its market share dropped from 44.1% at the start of the year to below 40%.
- Crypto.com and Upbit recorded significant growth; Upbit stood out with a sixfold increase in daily volumes following political events in South Korea.
Q4 2024 saw a notable surge in trading volumes across major centralized exchanges, reaching a total of $6.4 trillion. This figure represents a 111.7% increase compared to the previous quarter, according to a CoinGecko report. Eight of the ten largest exchanges reported triple-digit percentage growth.
Binance maintained its position as the market leader, closing December with a 34.7% share and $1 trillion in monthly trading volume. This marked its second month in 2024 reaching such a level of activity. Over the year, Binance accumulated $7.4 trillion in trading volume, far surpassing the combined total of the next five largest exchanges. However, its market share gradually declined from 44.1% in January to below 40% in the year’s final months, reflecting shifts in market dynamics and user preferences.
Crypto.com rose to second place in December, achieving an 11.2% market share and $322.3 billion in monthly trading volume, a 12.7% increase from the previous month. In Q4, the platform recorded $757.8 billion in trading volume, showcasing sustained growth compared to the first three quarters of the year.
Upbit Climbs the exchange Rank, Driven by South Korean Political Turmoil
Upbit also delivered a strong performance, recording $282.7 billion in trading volume in December, a 22% increase from November. Its growth was fueled by a sharp rise in trading activity following the declaration of martial law in South Korea on December 3. This event led to a sixfold increase in Upbit’s daily trading volumes, averaging $21 billion per day.
The data highlights a period of intense activity in the crypto market, with steady growth among major exchanges. While Binance remains the clear leader with a substantial margin, platforms like Crypto.com and Upbit have gained traction, driven by global events and shifting user preferences.
The industry is entering an intriguing phase marked by the development of new tools and heightened institutional interest. These trends are likely to continue deepening throughout 2025
