Q4 trading volume hits record $17.4 trillion for top crypto exchanges
Trading volume hits record $17.4 trillion for top exchanges
The cryptocurrency market witnessed an unprecedented surge in activity during the fourth quarter of 2024, with the top 10 centralized exchanges (CEXs) collectively doubling their trading volume to $6.4 trillion
This marked a 111.7% increase from the previous quarter, underscoring renewed investor interest and market volatility, according to the Cryptopolitan.
Eight of the top ten exchanges saw trading volumes grow by over 100%. South Korea-based Upbit emerged as the standout performer with over 300% growth, while Crypto.com and Coinbase recorded over 150% increases. Major players like Binance, OKX, and Gate.io also saw significant gains, contributing to the market’s robust expansion.
Binance Leads, But Competitors Close the Gap
Binance maintained its dominance as the world's largest crypto exchange, contributing $7.4 trillion to the annual total of $17.4 trillion for the top CEXs. However, its market share dropped from 44.1% at the start of 2024 to 34.7% by year-end, signaling intensifying competition.
Crypto.com secured the second-largest market share, closing the year at 11.2%, driven by a remarkable $757.8 billion trading volume in Q4 alone. Upbit also surged to a 9.8% share, buoyed by a sixfold daily volume increase during South Korea's political unrest in December.December 2024: A Record Month for Crypto Trading
Last December capped the quarter with historic trading levels, recording $11.3 trillion in combined spot and derivatives volumes. Spot trading reached an all-time high of $3.73 trillion, while derivatives accounted for $7.58 trillion, despite a slight decline in market share.
As the crypto market continues its rapid evolution, Q4’s performance highlights growing global adoption and intensifying competition among major players.
Recently, Jeremy Da Vinci predicted that Bitcoin’s price could rise to $350,000. He explained that, historically, during bull markets, BTC's price has exceeded its production cost by more than five times. He emphasized that miners currently need around $70,000 to produce one Bitcoin.
