2024 CEX Report: Binance's Spot Share Drops to 39%; Trading Volume Surges 139% Amid $3 Trillion Market Cap

The 2024 Centralized Exchange (CEX) Annual Report indicates a surge in crypto trading volumes, with spot trading increasing by 139% and derivatives trading rising by 91% compared to 2023. Despite Binance's continued dominance, its market share has declined, with spot trading falling from 49% to 39% and derivatives from 50% to 38%. Bybit has made notable gains, climbing from sixth to second place in spot trading. Additionally, the overall market cap of cryptocurrencies has surpassed $3 trillion, with December's exchange volume reaching $2.94 trillion, an 8.5% increase from November. Mid-tier exchanges, particularly BitGet, have shown impressive growth, with BitGet's volume doubling to $178 billion. OKX and Huobi also reported strong performances in the contracts market. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io