Binance and OKX lose ground in market share over 2024, while Crypto.com records growth

Crypto.com accrued its stock of the centralized crypto speech marketplace successful 2024, portion manufacture leaders Binance and OKX saw declines, according to a study from CCData.

Among the largest exchanges, Binance, Bybit, and Coinbase led successful spot trading measurement successful December, collectively accounting for 55.7% of full measurement — down from 58.4% successful November.

Centralized exchanges ended 2024 with a grounds yearly trading measurement of $75.8 trillion, surpassing the erstwhile precocious of $65.1 trillion successful 2021. 

Analysts expect continued marketplace shifts, with Crypto.com, Coinbase, and Bitget well-positioned for growth, portion Binance and OKX look further competition.

Crypto.com emerged arsenic 1 of the biggest marketplace stock gainers successful 2024, expanding 6.26% year-to-date to 8.66%.

Other notable gainers included Bitget (+2.53%) and WhiteBIT (+1.14%), which ended the twelvemonth with 4.25% and 5.12% marketplace share, respectively.

Binance maintained its presumption arsenic the largest centralized exchange, with a 25.4% spot marketplace stock and 35.1% combined marketplace stock for spot and derivatives trading. 

However, it recorded its lowest marketplace stock since January 2021, aft its 3rd consecutive monthly decline. Year-over-year, Binance’s marketplace stock fell 7.49%, portion OKX and Upbit experienced declines of 3.22% and 2.71%, respectively.

Bitget’s spot trading measurement surged 97.6% to $159 cardinal successful December, mounting a caller grounds and pushing its marketplace stock to 4.25%.

Additionally, MEXC Global’s marketplace stock deed a grounds 4.42%, with $165 cardinal monthly volume.

Record successful monthly trading volumes

Total spot and derivatives trading measurement connected centralized exchanges roseate 7.58% successful December to $11.3 trillion, a caller all-time precocious driven by volatility successful crypto and shifting marketplace dynamics.

Spot trading volumes accrued 8.10% to $3.73 trillion, surpassing the erstwhile highest acceptable successful May 2021, portion derivatives trading measurement grew 7.33% to $7.58 trillion—the 3rd consecutive monthly increase.

Despite the maturation successful trading volumes, the marketplace stock of derivatives trading declined, reaching its lowest level since June 2022. 

The study attributed this displacement to a stronger power of spot trading connected crypto arsenic marketplace participants adjusted expectations amid reports of less involvement complaint cuts successful 2025.

Institutional adoption and derivatives growth 

Derivatives markets continued to predominate crypto trading, accounting for 69.2% of full volumes successful 2024, compared to 59.5% successful 2021. The study noted that the inclination highlights increasing organization adoption and request for hazard absorption tools.

Coinbase International saw derivatives trading soar 376% to $416 billion, elevating its marketplace stock to 5.50% and making it the fifth-largest derivatives exchange.

Bybit and OKX followed Binance successful derivatives marketplace share, with 16.3% and 15.9%, respectively. Bybit besides posted a grounds $1.20 trillion successful monthly derivatives volume.  

Lastly, CME’s derivatives trading roseate 7.83% to $264 billion, marking an all-time high.

The station Binance and OKX suffer crushed successful marketplace stock implicit 2024, portion Crypto.com records growth appeared archetypal connected CryptoSlate.