Binance Leads But Faces Competition: 2024 Centralized Crypto Exchange Market Share Report

According to a recent report by CoinGecko, Binance has managed to retain its position as the leading centralized cryptocurrency exchange with a 46.6% market share in the second quarter of 2024. Despite this, the exchange has seen a decline in its trading volume, a trend that has opened up opportunities for other exchanges like Bybit and Gate to increase their market presence.

Binance Market Share

Binance remains the largest centralized exchange (CEX) with a 44.0% market share in June 2024. The exchange recorded a spot trading volume of $424.7 billion in June, which represents a 22.7% month-on-month (MoM) decrease from $549.8 billion in May 2024. In terms of quarterly performance, Binance generated $1.67 trillion in trading volume in Q2 2024, compared to $2.08 trillion in Q1, a drop of 19.8% quarter-on-quarter (QoQ).

Bybit’s Rise to Number Two

Bybit has climbed to the second spot among centralized exchanges, holding a 12.7% market share with a spot trading volume of $117.9 billion in June 2024. This marks a slight decrease of 1.7% from the $120.0 billion recorded in May 2024. However, Bybit’s market share has increased from the third largest in the previous quarter. The exchange saw a rise in its market share to 10.5% in Q2 2024, up from 8.7% in Q1, driven by new token listings, low fees, and the collapse of FTX.

Gate’s Significant Growth

Gate emerged as the third-largest exchange by the end of June 2024, with a 7.7% market share and $74.6 billion in trading volume. The exchange experienced a significant growth of 51.1% throughout Q2 2024, adding an additional $85.2 billion in spot trading volume. This growth outpaced other top 10 exchanges, which saw a combined trading volume decline of 15.9%.

Upbit’s Decline

Upbit, which was the second-largest centralized exchange in Q1 2024, experienced the most significant drop among the top 10 exchanges. The South Korean exchange’s market share fell to 5.0% in Q2 2024 from 9.0% in Q1, with its trading volume plummeting from $383.7 billion to $177.8 billion, a decrease of 53.7% QoQ. Known for its “Kimchi Premium,” where assets trade at higher prices, Upbit failed to maintain high volumes despite this advantage.

Other Notable Performances

Among the top 10 exchanges, Bitget was the second-largest gainer, growing by 15.4% ($24.7 billion), followed by HTX with a 13.7% increase ($25.7 billion), and Bybit with a 1.8% rise ($6.7 billion). The remaining exchanges, including OKX, Coinbase, and Crypto.com, experienced declines ranging from 9.0% to 50.0%.

Top 10 Centralized Exchanges’ Market Share (2024 Q2)

Methodology

The study examined the top 10 centralized exchanges by spot trading volume, using CoinGecko data from January 1, 2024, to June 30, 2024. The top 10 centralized exchanges are Binance, Bybit, Gate, HTX, OKX, Coinbase, Bitget, MEXC, Crypto.com, and Upbit. Market share was based on total monthly spot trading volume.

For more details, refer to the full report on CoinGecko.

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