Binance Leads But Faces Competition: 2024 Centralized Crypto Exchange Market Share Report

According
to
a
recent
report
by
CoinGecko,
Binance
has
managed
to
retain
its
position
as
the
leading
centralized
cryptocurrency
exchange
with
a
46.6%
market
share
in
the
second
quarter
of
2024.
Despite
this,
the
exchange
has
seen
a
decline
in
its
trading
volume,
a
trend
that
has
opened
up
opportunities
for
other
exchanges
like
Bybit
and
Gate
to
increase
their
market
presence.

Binance
Market
Share

Binance
remains
the
largest
centralized
exchange
(CEX)
with
a
44.0%
market
share
in
June
2024.
The
exchange
recorded
a
spot
trading
volume
of
$424.7
billion
in
June,
which
represents
a
22.7%
month-on-month
(MoM)
decrease
from
$549.8
billion
in
May
2024.
In
terms
of
quarterly
performance,
Binance
generated
$1.67
trillion
in
trading
volume
in
Q2
2024,
compared
to
$2.08
trillion
in
Q1,
a
drop
of
19.8%
quarter-on-quarter
(QoQ).

Bybit’s
Rise
to
Number
Two

Bybit
has
climbed
to
the
second
spot
among
centralized
exchanges,
holding
a
12.7%
market
share
with
a
spot
trading
volume
of
$117.9
billion
in
June
2024.
This
marks
a
slight
decrease
of
1.7%
from
the
$120.0
billion
recorded
in
May
2024.
However,
Bybit’s
market
share
has
increased
from
the
third
largest
in
the
previous
quarter.
The
exchange
saw
a
rise
in
its
market
share
to
10.5%
in
Q2
2024,
up
from
8.7%
in
Q1,
driven
by
new
token
listings,
low
fees,
and
the
collapse
of
FTX.

Gate’s
Significant
Growth

Gate
emerged
as
the
third-largest
exchange
by
the
end
of
June
2024,
with
a
7.7%
market
share
and
$74.6
billion
in
trading
volume.
The
exchange
experienced
a
significant
growth
of
51.1%
throughout
Q2
2024,
adding
an
additional
$85.2
billion
in
spot
trading
volume.
This
growth
outpaced
other
top
10
exchanges,
which
saw
a
combined
trading
volume
decline
of
15.9%.

Upbit’s
Decline

Upbit,
which
was
the
second-largest
centralized
exchange
in
Q1
2024,
experienced
the
most
significant
drop
among
the
top
10
exchanges.
The
South
Korean
exchange’s
market
share
fell
to
5.0%
in
Q2
2024
from
9.0%
in
Q1,
with
its
trading
volume
plummeting
from
$383.7
billion
to
$177.8
billion,
a
decrease
of
53.7%
QoQ.
Known
for
its
“Kimchi
Premium,”
where
assets
trade
at
higher
prices,
Upbit
failed
to
maintain
high
volumes
despite
this
advantage.

Other
Notable
Performances

Among
the
top
10
exchanges,
Bitget
was
the
second-largest
gainer,
growing
by
15.4%
($24.7
billion),
followed
by
HTX
with
a
13.7%
increase
($25.7
billion),
and
Bybit
with
a
1.8%
rise
($6.7
billion).
The
remaining
exchanges,
including
OKX,
Coinbase,
and
Crypto.com,
experienced
declines
ranging
from
9.0%
to
50.0%.

Top
10
Centralized
Exchanges’
Market
Share
(2024
Q2)

Methodology

The
study
examined
the
top
10
centralized
exchanges
by
spot
trading
volume,
using
CoinGecko
data
from
January
1,
2024,
to
June
30,
2024.
The
top
10
centralized
exchanges
are
Binance,
Bybit,
Gate,
HTX,
OKX,





Coinbase,
Bitget,
MEXC,
Crypto.com,
and
Upbit.
Market
share
was
based
on
total
monthly
spot
trading
volume.

For
more
details,
refer
to
the
full
report
on

CoinGecko.

Image
source:
Shutterstock