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CoinGecko: Who is the largest centralized exchange in this bull market?
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Author: Shaun Paul Lee, Coingecko; Translated by Wuzhu, Golden Finance
Who is the largest centralized exchange?
Binance remains the largest centralized exchange (CEX), with a market share of 39.1% in November 2024. In November 2024, its spot trading volume climbed to US$979.1 billion, up 130.9% from October. In October 2024, its trading volume reached US$424 billion.
The second largest exchange is Crypto.com, with a market share of 11.4% and a spot trading volume of $286.1 billion in November 2024. This represents an increase of 91.5%, with a spot trading volume of $149.4 billion in October 2024. Crypto.com has managed to surpass its competitors since September. Previously, its market share was in the 2%-4% range in the first half of 2024.
As of November 2024, Upbit is the third largest exchange with a market share of 9.3% and a trading volume of $231.8 billion. The remaining top 10 competitors all have less than 9% market share, with a total share of 40.2% in November.
Binance Market Share
Binance is the market leader among centralized exchanges, with a market share of 39.1% of total spot trading volume in November 2024. Its trading volume increased by 130.9% month-on-month to $979.1 billion. However, this is still lower than the year-to-date high of $1.1 trillion set in March.
While Binance has gradually lost market share to competitors throughout the year, it remains the largest exchange, and by comparison, its trading volume exceeds the combined total of the next four largest exchanges ($979.1 billion vs. $904.5 billion).
The exchange has listed many memecoins and new launchpool projects in the past month, providing users with more trading opportunities and driving trading volumes.
The Rapid Rise of Crypto.com
Crypto.com was the second-ranked centralized exchange by spot trading volume in November 2024, with a market share of 11.4% and spot trading volume of $286.1 billion. In the third quarter of 2024, it was ranked third, but has since surpassed Bybit in October and November to consolidate the second position.
Its rapid rise can be attributed to its institutional clients and high-frequency traders. It also operates in more than 100 countries, allowing it to attract a larger user base than its competitors.
Upbit Reclaims Top 3 Position
Upbit successfully reclaimed its top 3 position in November 2024. During the same period, its spot volume hit a new yearly high of $231.8 billion, up 387.8% from $47.5 billion in October. In November, its market share was 9.3%, up from 4.5% in October.
Upbit was the biggest gainer among the top 10 centralized exchanges, helped by a boom in South Korean trading, especially for Ripple (XRP).
Coinbase rises in the rankings
Coinbase had a market share of 6.9% in November 2024, making it the fifth largest centralized exchange. Its volume increased 184.0% month-on-month, from $60.9 billion in October to $172.9 billion in November.
The US-based exchange has been on a listing spree recently, with most of its listings being memecoins, likely in an effort to attract more and more retail investors.
7 of 10 exchanges grew more than 100% in November 2024
The top 10 exchanges saw significant growth in trading volume in November 2024. Seven of them saw triple-digit percentage growth, led by Upbit. Overall, trading volume increased by $1.4 billion in November, totaling $2.5 billion. This is a 135.7% increase from October.
The top 10 centralized cryptocurrency exchanges and their growth in November are as follows:
Top 10 Centralized Exchange Market Share (November 2024)
Ranked by market share, the top 10 centralized cryptocurrency exchanges are as follows:
Market Share of Top 10 Cryptocurrency Exchanges in 2018-2023
The following chart shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2023:
The following chart shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2023:
src="https://img.jinse.cn/7331183_watermarknone.png" title="7331183" alt="OoTfGqoXdKOohLCi81zX29JcC0BLL43rSEfXjCeZ.jpeg">
The following figure shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2021:
The following figure shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2020:
The following figure shows the market share of the top ten centralized cryptocurrency exchanges by spot trading volume in 2019:
The following figure shows the market share of the top ten centralized cryptocurrency exchanges by spot trading volume in 2018:
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