2024 Cex Annual Report: Binance's lead narrowed, while Bybit spot and Bitget contracts grew significantly
Author: WuBlockchain In December, major exchanges recorded a 14% increase in spot trading volume, with Bitget leading at 102% growth, and a 6% rise in derivatives trading volume, where Gate saw the largest increase at 111%. Spot trading volumes increased by 139% compared to 2023. Crypto.com saw the highest growth at 960%, followed by Bybit at 392% and Gate at 244%. On the lower end, BitMart grew by 78%, Upbit by 83%, and Binance by 92%. Derivatives trading volumes rose by 91% year-over-year. The largest increases were seen at Crypto.com (930%), Bitget (209%), and Mexc (172%), while KuCoin grew by only 10%, Binance by 48%, and HTX by 65%. Website traffic for exchanges grew by 22% in 2024 compared to 2023. The highest growth was seen at Bitget (103%), Mexc (57%), and Bybit (54%). Meanwhile, HTX traffic dropped significantly by 99%, Bitfinex by 56%, and Deribit by 10%. A noteworthy trend is that Binance’s leading monopoly advantage will shrink in 2024 compared to 2023, with the spot market share falling from 49% to 39% and the contract market from 50% to 38%. Bybit’s spot market has grown rapidly and has reached a position second only to Binance. Note: The data may reflect potential wash trading or bot activity. Spot and derivatives data are sourced from Coingecko, and traffic data from Similarweb.
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