Author: Shaun Paul Lee, Coingecko; Translated by Baishui, Golden Finance
Which is the largest centralized exchange?
Binance remains the largest centralized exchange (CEX) with a market share of 49.7% in March 2024. Its spot trading volume increased to $1,142.5 billion in March 2024. This represents a month-on-month increase of 131.6% compared to $493.4 billion in February 2024.
The second largest centralized exchange is Upbit, which has a market share of 9.4% and a spot trading volume of $216.4 billion in March 2024. This means a growth rate of 181.6%, with $76.8 billion recorded in February 2024.
By March 2024, Bybit becomes the third largest exchange with 8.2% market share and $189 billion in trading volume. The remaining top 10 competitors all have less than 8% market share, with a combined market share of 32.7% in March.
Binance Market Share
Binance is the market leader among centralized exchanges, accounting for 48.5% of total spot trading volume in Q1 2024. While it slowly lost market dominance to 42.6% in Q4 2023, it has since regained that position. In absolute terms, Q1 2024 had a trading volume of $2.08 trillion, compared to $1.14 trillion in Q4 2023.
Traders appear to have largely forgotten about the regulatory hurdles Binance faces in 2023, with monthly trading volumes rising significantly. At the same time, a large number of new listings and projects appeared on Binance throughout the quarter, providing users with more trading opportunities.
Upbit remains the second largest exchange
Upbit managed to maintain its position as the second largest centralized exchange in Q1 2024, with a spot trading volume of $383.7 billion. This means a market share of 8.9% for the quarter, an increase of 61.1%. In Q4 2023, Upbit had a market share of 10.8% and a trading volume of $238.2 billion.
Although the South Korean exchange’s trading volume rose sharply in the first quarter of 2024, its market share declined and failed to keep pace with Binance’s growth. However, new tokens listed on the exchange continued to benefit from strong local demand for crypto assets, with large price fluctuations.
Bybit enters the top three
Bybit is the third largest exchange in Q1 2024, with a market share of 8.6% and a trading volume of $368.2 billion, up 111.8% from the previous quarter. In Q4 2023, Bybit had a trading volume of $173.8 billion and a market share of 7.9%.
The third spot was previously held by OKX, which has now been pushed down to fourth place.
Binance is the exchange with the largest gain in Q1 2024
In addition to being the largest centralized exchange, Binance was also the exchange with the largest gain in Q1 2024. It grew 122.3% over the quarter, adding an additional $1,144.6 billion in spot volume. This outpaced the growth of the other top 10 exchanges, which added $951 billion in volume, a clear sign of Binance’s dominance in this cycle.
Among the top 10 exchanges, 5 saw growth of more than 100% throughout the quarter. Bitget, which came in second, grew by 112.4% ($85.1 billion). It was followed by Bybit, which grew by 111.8% ($194.4 billion), and Kucoin, which grew by 104.0% ($82.9 billion). Meanwhile, Coinbase grew by 103.4%, with an absolute gain of $153.1 billion.
Top 10 centralized exchanges by market share (Q1 2024)
Market share of the top 10 cryptocurrency exchanges from 2018 to 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 2022:
The following chart shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2021:
The following chart shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2020:
The following chart shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2019:
The following chart shows the market share of the top 10 centralized cryptocurrency exchanges by spot trading volume in 2018:
