Spot trading surged in 2024, but crypto exchanges still miss record highs
Crypto exchanges still miss spot trading record highs
The cryptocurrency market saw a significant rebound in 2024, with centralized exchanges processing a total of $18.83 trillion in spot trading volume.
This marked a sharp increase from the $8.05 trillion recorded in 2023, reflecting renewed investor interest. However, despite the surge, trading volumes remained well below the 2021 all-time high of $25.21 trillion, according to Crypto News.
Binance leads while new players gain ground
Binance maintained its dominance in 2024, capturing nearly 40% of the market with $7.35 trillion in trading volume. Bybit followed at 9.3%, while Crypto.com emerged as the fastest-growing exchange, seeing a remarkable 970% increase from the previous year.
Other exchanges also recorded substantial growth, with Bybit and Gate.io expanding their volumes by 398% and 242%, respectively. However, longtime industry players such as OKX, HTX, and MEXC continued their downward trend, losing market share to newer entrants.
The dramatic shifts come amid changing regulatory landscapes and evolving investor preferences. FTX, once a major player, vanished from the rankings following its high-profile collapse in 2022.
Despite the strong recovery, the crypto market has yet to regain the speculative frenzy of 2021. Analysts point to factors such as stricter regulations, shifting macroeconomic conditions, and increased institutional participation as reasons for the tempered growth.
While 2024 signaled a comeback for crypto trading, it also underscored the industry's evolving nature—one where new contenders rise, old giants fade, and the market continues to redefine itself.
Recently, Jeremy Da Vinci predicts 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.
