2024 Cryptocurrency Market Overview and Centralized Exchange Performance
2024 was a landmark year for the global cryptocurrency market. Annual trading volume on centralized exchanges (CEXs) reached a record high of 75.8 trillion U.S. dollars, surpassing the 2021 peak of 65.1 trillion U.S. dollars.This significant growth reflects increased market vitality, greater institutional participation, and restored investor confidence. Against this backdrop, major trading platforms continue to evolve amid fierce competition, and the market landscape is shifting accordingly.
Rankings and Highlights of Major Global Cryptocurrency Exchanges
The following is an overview of the world’s leading cryptocurrency exchanges based on 2024 trading volume, market share, and user data:
- Binance: As the world’s largest centralized exchange, Binance maintained its leading position in 2024, with a market share of 39.0% and an annual trading volume of $7.35 trillion.As of January 2025, its cumulative historical trading volume had exceeded $100 trillion, with 250 million registered users and $160 billion in user assets under custody.
- Bybit: Bybit experienced rapid growth in 2024, with trading volume increasing by 397.8% to surpass $1 trillion for the first time, reaching $1.75 trillion, and capturing a 9.3% market share. As of January 2025, Bybit had over 60 million users.
- OKX: OKX’s trading volume reached $6 trillion in 2024, and the exchange achieved significant expansion in licensed and regulated markets. As of January 2026, its reserves exceeded $31.5 billion, and it had over 60 million registered users.
- Coinbase: As the largest cryptocurrency exchange in the United States, Coinbase recorded a trading volume of $1.162 trillion in 2024, with assets under custody totaling $404 billion by year-end and over 110 million verified users.
- Kraken: Kraken’s total trading volume in 2024 was $665 billion, with revenue reaching $1.5 billion—a 128% year-over-year increase. As of 2024, assets on the platform totaled $42.8 billion, and it had over 10 million users.
- Bitget: As of October 2024, Bitget had over 45 million users. Its spot trading volume in the first quarter of 2024 exceeded $160 billion, while its futures trading volume was approximately $1.4 trillion.
- Crypto.com: Crypto.com was one of the fastest-growing centralized exchanges in 2024, with annual trading volume increasing from $120.6 billion in 2023 to $1.29 trillion in 2024—a growth rate of 969.7%.
- Gate.io: Gate.io’s total trading volume reached $3.8 trillion in 2024, a 120% year-over-year increase, with over 20 million registered users. As of March 2025, its reserve ratio stood at 123.91%.
- KuCoin: As of the first half of 2024, KuCoin had over 34 million registered users. In the first quarter of 2024, its spot trading volume grew by 121.85%.
- HTX (formerly Huobi): HTX’s trading volume grew by approximately 17% year-over-year in the first half of 2025, and the exchange plans to transition to a DAO governance model. As of mid-2025, it had approximately 50 million registered users.
Market Trends and User Interests
Market growth in 2024 was driven by multiple factors, including the approval of Bitcoin spot ETFs, expectations surrounding Ethereum ETFs, and the meme coin boom.The derivatives market dominated cryptocurrency trading, accounting for 69.2% of total trading volume in 2024—up from 59.5% in 2021—reflecting growing institutional adoption and demand for risk management tools.
The regulatory landscape continues to evolve; for example, the EU’s MiCA regulations became fully applicable to exchanges in December 2024, prompting major platforms to seek compliance licenses.When selecting a trading platform, users should not only focus on trading volume and liquidity but also prioritize the platform’s Proof of Reserves (PoR), security measures, and compliance. Relevant developments and real-time market data can be viewed on specialized information platforms such as Svmuu.
It is worth noting that while trading volume is an important indicator of a platform’s activity, investors should also be wary of potential market manipulation, such as “wash trading.” Investors should comprehensively consider multiple factors and carefully assess risks.
