The year 2024 was historic for the cryptocurrency market, as centralized exchanges (CEXs) recorded an all-time high trading volume of $75.8 trillion. This figure shattered the previous record of $65.1 trillion set in 2021, showing a big rise in crypto trading activity worldwide
As reported by CCData, the increase in trading was driven by major trading pairs like BTC/USD, ETH/USD, and XRP/USD. Bitcoin’s BTC/USD pair hit its highest daily volume of $23.5 billion on December 15, a 15% rise compared to the previous month.
Similarly, Ethereum’s ETH/USD pair saw daily trading volumes reach $12.8 billion on November 28, marking a 10% increase during that period. This surge also lifted investor confidence, as the Crypto Fear & Greed Index rose to “Greed” at 72 in January 2025, up from “Neutral” at 50 in December 2024.
Binance Maintains Dominance as Top CEX,
Binance continued to lead the market in 2024, maintaining the largest share among centralized exchanges. The platform closed the year with a 34.7% market share and recorded $1 trillion in spot trading volume in December
This marked Binance’s second trillion-dollar month in 2024, with the platform handling $7.4 trillion in trading volume over the year.
Despite its dominance, Binance saw its market share decline during the year. It started 2024 with 44.1% but dropped below 40% by September, reflecting growing competition from other exchanges.
Following the footstep of Binancne, Crypto.com cemented its position as the second-largest exchange by December, achieving an 11.2% market share and $322.3 billion in trading volume.
The exchange had a strong finish to the year, with its Q4 volumes rising to $757.8 billion, much higher than earlier quarters.
Similarly, Upbit also had a remarkable year, fueled by rising activity in South Korea after political tensions in December. The exchange’s daily trading volumes grew 6x, averaging $21 billion per day, securing its position as the third-largest exchange.
With 2024 setting new records, the crypto market has laid the groundwork for an even more dynamic 2025.
