Crypto trading peaked during the first quarter of 2024, as it did in November 2021. CoinGecko published an extensive report showing that $2.3 trillion in volume was traded across the top ten centralized exchanges during this time period alone, thus demonstrating the continuing importance of centralized platforms within the crypto industry.
Being the biggest exchange among all others, in March 2024, Binance took nearly half the market share —49.7%. The amount of money exchanged through its platform reached a record-breaking $1,142.5 billion, which grew by more than a third (131.6%) compared with the previous month, February 2024.
In March 2024, Upbit became the second biggest exchange with its 9.4% market share and $216.4 billion trading volume which is comparatively high. The speed at which it grew was also impressive; having increased by 181.6% compared to that recorded in February 2024.
Bybit, on the other hand, held its place as the third largest exchange in terms of market capitalization but only managed an 8.2% market share while transacting $189.0 billion worth of cryptocurrencies by the end month. This meant that together, they controlled over 32.7% of market shares since all other remaining competitors shared less than 8% each.
Binance’s Resurgence in the Crypto Market
Binance’s resurgence was particularly noteworthy, reclaiming its market leader status with a 48.5% share of total spot trading volume in the first quarter of 2024. Despite grappling with regulatory challenges in 2023, Binance experienced a resurgence in trading volumes, buoyed by a flurry of new listings and project launches.
Upbit maintained its stronghold as the second-largest exchange, although its market share slightly dwindled in the face of Binance’s formidable growth. Nevertheless, the exchange capitalized on strong local demand for crypto assets, leveraging new token listings to bolster trading volumes.
Bybit’s rise to the top three showed how fast it has grown, with a 111.8% increase in trading volume from quarter to quarter. These amazing results brushed aside OKX, which was formerly ranked third, and confirmed Bybit’s position as one of the most powerful players in cryptocurrency exchanges.
Binance proved its unrivaled dominance when it became the biggest winner in Q1 2024 by far surpassing other competitors. Five exchanges among the top 10 saw their volumes grow over 100%, while Bitget, Bybit, KuCoin, and Coinbase recorded strong gains but were no match for Binance’s meteoric ascent.
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