Binance’s dominance in the centralized crypto exchange (CEX) market shrank in 2024, while Bybit’s spot trading and Bitget’s derivatives trading saw significant growth, according to crypto publication Wu Blockchain.
What’s the significance: The news emphasizes the expanding competition and variety in the exchange market, offering web3 projects greater opportunities to engage with a broader selection of platforms and users.
Key Details
- The 2024 CEX Annual Report contains insights on trading volume increases in spot and derivatives markets, and CEX traffic ranking and geographical distribution.
- The report highlighted Binance’s decreasing market share, the rapid growth of Bybit, and the stable performance of OKX in the trading landscape.
Key Findings
- Major exchanges saw a 14% increase in spot trading volume and a 6% rise in derivatives in December.
- Spot volumes rose 139% year-on-year (YoY), with Crypto.com leading at 960% growth.
- Derivatives volumes grew 91% YoY, with Crypto.com and Bitget seeing the largest increases.
- Website traffic grew by 22% in 2024, with Bitget, Mexc, and Bybit showing the highest growth.
Spot Trading Volumes of Major CEXs
The total spot trading volume for all listed exchanges increased significantly from 7.68 trillion in 2023 to 18.38 trillion in 2024.
- Crypto.com saw the highest percentage increase in trading volume at 959.7%, growing from 120.42 billion in 2023 to 1.28 trillion in 2024.
- Bybit had a 392.2% increase, reaching 1.73 trillion in 2024 from 350.63 billion in 2023.
- Gate and Bitget also showed substantial growth, with increases of 244.2% and 241.4% respectively.
- Binance remains the largest exchange by trading volume, with 7.29 trillion in 2024, up 92.4% from 3.79 trillion in 2023.
- Other exchanges like OKX, Coinbase, KuCoin, and Bitfinex also saw considerable increases in their trading volumes, ranging from 82.5% to 141.3%.
Futures Trading Volumes of Major CEXs
The total futures trading volume for all listed exchanges increased significantly from 27.84 trillion in 2023 to 53.24 trillion in 2024, a 91.2% increase.
- Crypto.com saw the highest percentage increase in trading volume at 929.9%, growing from 167.30 billion in 2023 to 1.72 trillion in 2024.
- Bitget had a 208.6% increase, reaching 7.20 trillion in 2024 from 2.33 trillion in 2023.
- Bybit also showed substantial growth with an increase of 128.2%, growing from 3.51 trillion in 2023 to 8.00 trillion in 2024.
- Binance remains the largest exchange by trading volume, with $20.76 trillion in 2024, up 47.9% from 14.04 trillion in 2023.
- Other exchanges like OKX, Mexc, Gate, HTX, and Deribit also saw significant increases in their trading volumes, ranging from 65.3% to 171.7%.
- KuCoin had a more modest increase of 9.6%, reaching 691.50 billion in 2024 from 630.78 billion in 2023.
Traffic Ranking and Geographical Distribution
The total traffic for the major exchanges increased from 2.47 billion in 2023 to 3.01 billion in 2024, marking a 22.0% increase.
- The top performers are Bitget, Bybit, and MEXC.
- Declining Traffic:
- Bitfinex and Deribit experienced declines in traffic, with Bitfinex dropping by 56.1% and Deribit by 10.1%.
- HTX had the most significant decrease, with a 98.6% drop in traffic from 154.8 million in 2023 to 2.22 million in 2024.
PH Users: According to the data, 6% of Bitget users and 7% of Crypto.com users are based in the Philippines.
The Bottom Line: The 2024 Cex Annual Report highlights significant market shifts, with Binance’s dominance shrinking and newer platforms like Bybit and Bitget experiencing rapid growth, suggesting a changing landscape for the crypto exchange industry.
Worth reading: In the Philippines, the Bangko Sentral ng Pilipinas (BSP) introduced tighter reporting and notification requirements for Virtual Asset Service Providers (VASPs) to enhance transparency.
This article is published on BitPinas: Report: Binance’s Dominance Declines as Bybit, Bitget Surge
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