Darius Baru
27 Jul 2024 07:20
Binance maintained its top spot with 46.6% market share, while Bybit and Gate saw significant growth. Upbit experienced the biggest decline.
According to a recent report by CoinGecko, Binance maintained its position as the leading centralized cryptocurrency exchange with 46.6% market share in Q2 2024. Nevertheless, the exchange has seen a decline in trading volume, a trend that has opened up opportunities for other exchanges such as Bybit and Gate.com to expand their market presence.
Binance Market Share
Binance remains the largest centralized exchange.OC) recorded a market share of 44.0% in June 2024. The exchange recorded a spot trading volume of $424.7 billion in June, a 22.7% month-over-month (MoM) decrease from $549.8 billion in May 2024. In terms of quarterly performance, Binance generated a trading volume of $1.67 trillion in Q2 2024, while it recorded $2.8 trillion in Q1, a 19.8% decrease quarter-over-quarter (QoQ).
Bybit takes 2nd place
Bybit rose to second place among centralized exchanges, with a spot volume of $117.9 billion as of June 2024, accounting for 12.7% of the market. This is down 1.7% from the $120 billion recorded in May 2024. However, Bybit’s market share increased from third place in the previous quarter. The exchange saw its market share increase from 8.7% in Q1 to 10.5% in Q2 2024, driven by new token listings, lower fees, and the collapse of FTX.
Gates’ Meaningful Growth
Gate emerged as the third largest exchange with a 7.7% market share and $74.6 billion in trading volume by the end of June 2024. The exchange experienced a significant growth of 51.1% throughout Q2 2024, with $85.2 billion in spot trading volume. This growth outpaced the other top 10 exchanges, which saw a 15.9% decline in trading volume.
Upbit’s decline
Upbit, the second-largest centralized exchange in Q1 2024, experienced the biggest decline among the top 10 exchanges. The Korean exchange’s market share fell from 9.0% in Q1 to 5.0% in Q2 2024, while its trading volume plummeted from $383.7 billion to $177.8 billion, a 53.7% drop from the previous quarter. Despite this advantage, Upbit, famous for its “kimchi premium,” where assets are traded at higher prices, has failed to maintain high trading volumes.
Other notable performances
Among the top 10 exchanges, Bitget was the second biggest gainer, up 15.4% ($24.7 billion), followed by HTX, up 13.7% ($25.7 billion), and Bybit, up 1.8% ($6.7 billion). The rest of the exchanges, including OKX, Coinbase, and Crypto.com, fell between 9.0% and 50.0%.
Top 10 Centralized Exchange Market Share (Q2 2024)
| Classes | Centralized Exchange | market share (%) |
| One | Binance | 44.0% |
| 2 | Bybit | 12.2% |
| three | door | 7.7% |
| 4 | Cooperative | 7.5% |
| 5 | OKX | 6.3% |
| 6 | Coinbase | 6.1% |
| 7 | Viget | 5.1% |
| 8 | Mexico | 4.5% |
| 9 | Crypto.com | 3.5% |
| 10 | Upbit | 3.1% |
methodology
This study examined the top 10 centralized exchanges by spot trading volume using CoinGecko data from January 1, 2024 to June 30, 2024. The top 10 centralized exchanges are Binance, Bybit, Gate, HTX, and OKX. CoinbaseBitget, MEXC, Crypto.com, Upbit. Market share is based on total monthly spot trading volume.
For more information, see CoinGecko’s full report.
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