Crypto trading volumes across centralized exchanges saw a significant recovery in 2024, reaching $18.83 trillion, according to a new report from CoinGecko. While this marks a strong resurgence for the market, trading activity remains below the record highs of 2021.
Market Insights from CoinGecko
The CoinGecko study analyzed cumulative annual spot trading volumes across leading centralized crypto exchanges from January 2020 through December 2024, highlighting key shifts in market share and trading behavior over the years.
Binance maintained its dominance in the space, accounting for 39.0% of total trading volume with $7.35 trillion in transactions. Bybit followed with $1.75 trillion in trading volume, securing a 9.3% market share. Meanwhile, Crypto.com achieved record growth, surpassing the $1 trillion mark for the first time, with a trading volume of $1.29 trillion, capturing a 6.8% market share.
Market Recovery and Challenges
Despite the rebound, the current trading volume remains lower than the peak levels of 2021 when the crypto industry witnessed a surge in retail and institutional investments. The total trading volume that year exceeded $23 trillion, driven by an unprecedented bull run and mainstream adoption of digital assets.
Several factors have contributed to the partial recovery, including increased institutional interest, regulatory clarity in major jurisdictions, and advancements in trading infrastructure. However, regulatory scrutiny, macroeconomic conditions, and investor sentiment continue to impact the overall market dynamics.
Future Outlook
As centralized exchanges work to expand their offerings and improve security measures, analysts predict further growth in trading volumes. The upcoming Bitcoin halving event and developments in Ethereum’s layer-2 ecosystem are expected to play pivotal roles in shaping market activity for the rest of 2025.
While Binance continues to lead in trading volume, Crypto.com’s rapid growth signals increased competition among major exchanges. With evolving regulations and emerging innovations, the crypto trading landscape is poised for further transformation in the years ahead.
