Which crypto exchanges dominated 2024?
Binance stayed ahead, but challengers like Crypto.com and Bybit made massive gains
Crypto exchanges drive the market, making it easy for people to buy, sell, and trade digital assets. Whether you’re a beginner or an experienced trader, these platforms offer essential tools, liquidity, and security, helping users navigate the space.
These exchanges work like digital marketplaces. Some are operated by firms that act as intermediaries between buyers and sellers, while others allow users to trade directly with one another. Crypto exchanges fall into two main categories: centralized exchanges (CEXs) and decentralized exchanges (DEXs).
CEXs vs. DEXs: What’s the difference?
CEXs, such as Binance and Coinbase, are managed by companies that facilitate trades between buyers and sellers. To comply with regulations, they require users to verify their identity through a Know Your Customer (KYC) process. These exchanges also store users’ crypto on their behalf, meaning they control the private keys that grant access to digital assets.
DEXs like PancakeSwap and Uniswap, on the other hand, operate without a central authority. Instead, they use blockchain technology and smart contracts to enable peer-to-peer trading. Unlike CEXs, they do not require KYC verification and do not hold users’ private keys, giving traders full control over their assets while offering a higher degree of privacy.
How do crypto exchanges make money?
Crypto exchanges primarily generate revenue by charging fees on trades. Each time a user buys or sells an asset, the platform takes a small percentage as a transaction fee. The exact fee varies across exchanges and can depend on factors like trading volume, membership tiers, and promotional incentives.
Beyond trading fees, many exchanges generate revenue through listing fees, staking services, and lending programs. Some platforms also offer premium subscriptions, derivatives trading, and market-making incentives to increase liquidity and attract more users.
The largest and fastest-growing crypto exchanges in 2024
The crypto ecosystem hosts hundreds of exchanges, but a few stand out as market leaders. One of the best ways to measure an exchange’s dominance is by looking at trading volume, which reflects the total value of transactions over a given period. High trading volumes indicate greater liquidity and a higher level of market activity, making it easier for traders to execute transactions efficiently.
According to CoinGecko, the top 15 centralized exchanges recorded a total trading volume of $18.83 trillion in 2024, marking a significant 134% increase from 2023. This surge reflects renewed market momentum, increased retail participation, and growing institutional interest in digital assets.
How much spot trading volume was generated by the top 15 CEXs in 2024? 🔍
— CoinGecko (@coingecko) February 12, 2025
Our latest study found that the top 15 CEXs generated a total trading volume of $18.83T in spot trading trading in 2024. This represents an increase of 134% from 2023.
Read the full study:… pic.twitter.com/zhvDU2l1uG
Binance remains the largest exchange by market share
Among all exchanges, Binance maintained its dominance, accounting for 39% of total market share with a trading volume of $7.35 trillion in 2024. The exchange has held the top spot since 2020, reinforcing its position as the world’s largest crypto trading platform.
Bybit followed as the second-largest exchange, securing 9.3% of the market with a trading volume of $1.75 trillion. Crypto.com came in third, capturing a 6.8% market share with $1.29 trillion in spot trading volume.
The fastest-growing crypto exchanges of 2024
While Binance led in overall volume, some exchanges saw remarkable growth over the past year. Crypto.com experienced an explosive surge, jumping from $120.6 billion in 2023 to $1.29 trillion in 2024—a staggering 969.7% increase. Bybit also expanded significantly, increasing its trading volume by 397.8%, rising from $351.2 billion in 2023 to $1.75 trillion in 2024. Gate.io followed closely behind, recording 241.5% growth and reaching a total trading volume of $1.01 trillion.
For both Crypto.com and Bybit, 2024 marked the first time they surpassed the $1 trillion trading volume milestone, further establishing their influence in the industry. Their rapid rise highlights how quickly market leaders can shift, as emerging platforms challenge the dominance of long-established players.
Which crypto exchanges lost ground?
Not all exchanges experienced growth in 2024. Some platforms that once held significant market share saw a sharp decline. MEXC, OKX, and HTX, which were among the leading platforms in 2020, struggled to maintain their positions. MEXC’s market share dropped from 16.6% in 2020 to just 4.1% by the end of 2024. OKX fell from 16.3% to 6.2%, while HTX saw a decline from 16.0% to 4.4%.
These declines highlight the shifting dynamics of the exchange market, as newer players such as Crypto.com, Bybit, and BingX continue to gain traction. Even the most dominant platforms are not immune to competition, and maintaining market leadership requires constant adaptation to regulatory changes, technological advancements, and evolving user demands.
What’s next for crypto exchanges in 2025?
The crypto exchange landscape is evolving rapidly, and 2024 proved that no platform is guaranteed long-term dominance. While Binance still leads the market, the rise of fast-growing challengers suggests that competition will intensify in 2025.
As exchanges navigate an increasingly complex regulatory environment and shifting trader preferences, adaptability will be key. Those that prioritize competitive fees, strong security measures, and innovative features will be best positioned to capture the next wave of growth. With trading volumes surging and new competitors emerging, the question remains—will Binance maintain its lead, or will 2025 mark the rise of a new market leader?
