Market Share of Centralized Crypto Exchanges, by Trading Volume

Binance Retains Top Spot in Centralized Exchanges

In June 2024, Binance continued to lead as the largest centralized exchange (CEX) with a 44.0% market share. However, its spot trading volume dropped to $424.7 billion, marking a yearly low and a 22.7% decrease from May 2024's $549.8 billion.

Bybit emerged as the second-largest CEX, holding a 12.7% market share and a spot trading volume of $117.9 billion in June. This represents a slight decline of 1.7% from May 2024. Bybit, previously the third-largest exchange, increased its market share from the previous quarter.

Gate ended June 2024 as the third-largest exchange with a 7.7% market share and $74.6 billion in trading volume. The remaining top 10 exchanges collectively held less than 7.5% market share each, aggregating a 36.1% share in June.

Binance's Market Share Trends

In Q2 2024, Binance maintained a 46.6% market share, recovering some of its earlier dominance from Q1's 48.9%. Despite this, its trading volume fell to $1.67 trillion in Q2 from $2.08 trillion in Q1, a 19.8% decrease quarter-over-quarter (QoQ).

Bybit's Ascendancy

Bybit, which became the second-largest CEX in Q2 2024, reported a spot trading volume of $74.89 billion, giving it a 10.5% market share. This marks an increase from Q1 2024, when it held 8.7% of the market with $368.2 billion in volume. Bybit has significantly expanded its spot trading activities through new token listings, competitive fees, and leveraging the aftermath of FTX's collapse.

Upbit’s Decline

Upbit, once the second-largest exchange, fell to tenth place in Q2 2024 with a 5.0% market share and $177.8 billion in trading volume. This represents a steep decline from its 9.0% market share and $383.7 billion volume in Q1, with a notable 53.7% drop in trading volume QoQ. Known for its "Kimchi Premium," Upbit struggled to maintain its high volume from the previous quarter.

Gate’s Growth

Gate was the top gainer in Q2 2024, with a 51.1% increase in trading volume, adding $85.2 billion. This growth surpassed the overall top 10 exchanges, which saw a combined decrease of 15.9% in trading volume. Bitget, HTX, and Bybit were the only other exchanges to show growth, with increases of 15.4%, 13.7%, and 1.8%, respectively. Other top cryptocurrency exchanges experienced declines ranging from 9.0% to 50.0%.

Methodology

This analysis covers the top 10 centralized exchanges by spot trading volume using CoinGecko data from January 1, 2024, to June 30, 2024. The top 10 exchanges are: Binance, Bybit, Gate, HTX, OKX, Coinbase, Bitget, MEXC, Crypto.com, and Upbit. Market share calculations are based on total monthly spot trading volumes.

For more detailed insights into the crypto industry in Q2 2024, including Bitcoin, Ethereum, DeFi, and NFTs, refer to our comprehensive 2024 Q2 Crypto Industry Report.

Source - https://www.coingecko.com/research/publications/centralized-crypto-exchanges-market-share