News
Binance Leads But Faces Competition: Centralized Cryptocurrency Exchange Market Share Report 2024
Dario BaruoJul 27, 2024 07:20
Binance maintains the top spot with a 46.6% market share, while Bybit and Gate show significant growth. Upbit sees the biggest decline.
According to a recent report by CoinGecko, Binance has managed to maintain its position as the largest centralized cryptocurrency exchange with a 46.6% market share in Q2 2024. Despite this, the exchange has seen a decline in its trading volume, a trend that has opened up opportunities for other exchanges such as Bybit and Gate to increase their presence in the market.
Binance Market Share
Binance remains the largest centralized exchange (CEX) with a 44.0% market share as of June 2024. The exchange recorded a spot trading volume of $424.7 billion in June, which represents a 22.7% month-over-month (MoM) decline 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 19.8% quarter-over-quarter (QoQ) decline.
Bybit’s Rise to Number Two
Bybit has risen to the second position among centralized exchanges, with a 12.7% market share and a spot trading volume of $117.9 billion as of June 2024. This marks a slight decline of 1.7% from $120.0 billion recorded in May 2024. However, Bybit’s market share has increased from the third-largest position in the previous quarter. The exchange saw its market share increase to 10.5% in Q2 2024, up from 8.7% in Q1, driven by new token listings, low fees, and the FTX crash.
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 saw a significant growth of 51.1% during the second quarter of 2024, adding another $85.2 billion in spot trading volume. This growth outpaced the other top 10 exchanges, which saw a combined decline in trading volume of 15.9%.
The decline of Upbit
Upbit, which was the second largest centralized exchange in Q1 2024, saw the most significant decline 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 falling from $383.7 billion to $177.8 billion, a 53.7% decline QoQ. Known for its “Kimchi Premium,” where assets are traded at higher prices, Upbit failed to maintain high volumes despite this advantage.
Other noteworthy performances
Among the top 10 exchanges, Bitget was the second-biggest gainer, up 15.4% ($24.7 billion), followed by HTX with a 13.7% increase ($25.7 billion), and Bybit with a 1.8% increase ($6.7 billion). The remaining exchanges, including OKX, Coinbase, and Crypto.com, saw declines ranging from 9.0% to 50.0%.
Market Share of Top 10 Centralized Exchanges (2024 Q2)
| Rank | Centralized exchanges | Market share (%) |
| 1 | Binance | 44.0% |
| 2 | Loss | 12.2% |
| 3 | Gate | 7.7% |
| 4 | Height | 7.5% |
| 5 | OKX | 6.3% |
| 6 | Monetary base | 6.1% |
| 7 | Bin | 5.1% |
| 8 | MEXICO | 4.5% |
| 9 | Cryptocurrency.com | 3.5% |
| 10 | Upbit | 3.1% |
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, Monetary baseBitget, MEXC, Crypto.com and Upbit. Market share was based on total monthly spot trading volume.
For more details, please refer to the full report at CoinGecko.
Image source: Shutterstock