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The 2024 Centralized Exchange (CEX) Annual Report indicates a surge in crypto trading volumes, with spot trading increasing by 139% and derivatives trading rising by 91% compared to 2023. Despite Binance's continued dominance, its market share has declined, with spot trading falling from 49% to 39% and derivatives from 50% to 38%. Bybit has made notable gains, climbing from sixth to second place in spot trading. Additionally, the overall market cap of cryptocurrencies has surpassed $3 trillion, with December's exchange volume reaching $2.94 trillion, an 8.5% increase from November. Mid-tier exchanges, particularly BitGet, have shown impressive growth, with BitGet's volume doubling to $178 billion. OKX and Huobi also reported strong performances in the contracts market.
MID-TIER EXCHANGES GETTING WILD, MARKET BREAKS $3 TRILLION So, December was nuts! $2.94T in exchange volume, up 8.5% from last month. Binance still the king, but mid-tier exchanges like BitGet are putting in WORK—doubling their volume to $178B. OKX and Huobi also flexing big… https://t.co/TSz4Vuu3oX
MID-TIER CRYPTO EXCHANGES GAIN MOMENTUM AS MARKET CAP SURPASSES $3 TRILLION December’s exchange volume surged to $2.94 trillion, an 8.5% increase from November. Binance remains the leader with $1B in volume, but mid-tier exchanges saw impressive growth—BitGet’s volume doubled… https://t.co/kYDbHlOfP6
[THE BLOCK] Mid-tier crypto exchanges gain ground amid $3 trillion market cap milestone
