In a most delightful twist of fate, the CoinGecko report reveals that in the final quarter of 2024, the trading volume of the top ten centralized exchanges (CEX) has soared to dizzying heights, with eight of them basking in the glory of triple-digit percentage growth. Who knew that digital coins could be so popular? 💰
Indeed, the total trading volume for these illustrious exchanges reached a staggering $6.4 trillion, a rather impressive 111.7% increase from the previous quarter. One might say the crypto world is having a rather splendid party! 🎉
Binance: The Unyielding Monarch of CEX, Yet Losing a Bit of Its Crown
As the curtain fell on 2024, Binance stood tall as the undisputed ruler of the market, clutching a market share of 34.7% like a child with a prized toy. However, even kings must face the music, as its market share has been on a slow, yet steady decline.
The CoinGecko report, in its infinite wisdom, revealed that December alone saw Binance reveling in a spot trading volume of $1.0 trillion, a modest increase of 2.3% from November’s $979.1 billion. Truly, a tale of triumph! 📈
This marked Binance’s second month of $1 trillion volume in 2024. Over the year, its dominance was as clear as a sunny day, capturing 42.4% of the total volume among the top ten exchanges, with a staggering $7.4 trillion traded compared to the $17.4 trillion for the entire group. Quite the feat, wouldn’t you agree? 🏆
Yet, despite its regal status, Binance has seen its market share wane, starting the year with a robust 44.1% and slipping below 40% since September. A tragic tale of decline, indeed!
“However, it is still the largest exchange by a large margin. For comparison, it had more trading volume than the next five largest exchanges combined in 2024 ($7.4 trillion vs. $6.6 trillion),” CoinGecko remarked, with a hint of sarcasm, no doubt.
Crypto.com: The Dashing Contender Takes Second Place
In a most unexpected turn of events, Crypto.com has emerged as the second-largest exchange by trading volume in December, boasting an 11.2% market share and a dazzling $322.3 billion in trading volume. A significant leap of 12.7% from the previous month—how positively thrilling! 🎊
In Q4 2024, Crypto.com experienced a meteoric rise in volume, escalating from $539.8 billion in the first three quarters to a staggering $757.8 billion in the final quarter. One can only imagine the champagne flowing! 🍾
Meanwhile, Upbit, having reclaimed its throne as the third-largest exchange in November, continued its ascent into December with a commendable $282.7 billion in spot trading volume, a remarkable 22% growth from November. Bravo! 👏
Upbit’s Q4 performance was propelled by a dramatic surge in volume following the declaration of martial law in South Korea on December 3, leading to a six-fold increase in daily volumes, averaging a jaw-dropping $21 billion per day. Who knew chaos could be so profitable? 😅
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2025-01-23 17:08