- Binance claimed 46.59% of the crypto market’s cumulative spot volume in 2024.
- Five exchanges controlled 81.24% of the cumulative spot volume in 2024.
- Binance maintained its dominance despite the previous year’s regulatory challenges.
Binance maintained the lead as the cryptocurrency exchange with the highest cumulative spot volume in 2024. The centralized exchange solidified its dominance, capturing 46.59% of the total market share with a cumulative spot volume of $7.23 trillion.
According to a recent analysis by CryptoQuant, a South Korean-based crypto data analysis platform, few exchanges control most of the volume traded in the cryptocurrency market. CryptoQuant’s report shows that Binance, Bybit, Crypto.com, OKEx, and Coinbase accounted for roughly 81.24% of the cumulative spot volume in 2024.
Related: Binance’s Dominance in South Korea Sparks Anti-Monopoly Concerns
Smaller Exchanges Still Hold Their Own
Meanwhile, despite lower volumes, smaller exchanges like Upbit, Huobi Pro, and Bithumb Korea made their strong presence felt. Each of these exchanges had less than 10% of the total cumulative volume. However, they still outperformed a smaller group of exchanges with less than 0.2% cumulative spot volume, including Coinone, Korbit, and Binance USA.
It is worth noting that Binance maintained its stability and dominance after facing severe turbulence following the SEC’s allegations and lawsuit against the crypto exchange and its founder, Changpeng Zhao. In the middle of 2023, the SEC filed 13 charges against Binance and Zhao, accusing them of operating unregistered exchanges, broker-dealers, and clearing agencies, among other issues.
The case rocked the cryptocurrency exchange, leading to Zhao stepping down as the company’s CEO and facing a jail term. Despite the challenges, Binance has shown resilience and maintained its status as the leading centralized crypto exchange within the industry. The 2024 report by CryptoQuant highlights this status and reveals the crypto community members’ preference for the platform over other crypto exchanges.
Related: Binance Tops Bitcoin Reserves at 40%, Adds $8.73B in 2024
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
