Binance Rules: 34.7% Market Share Cements Its Top Spot in December 2024

Key Takeaways:

• Binance maintained a dominant 34.7% market share in December 2024, surpassing $1 trillion in trading volume.
• Crypto.com secured the second spot with an 11.2% market share, driven by institutional clients and global reach.
• Upbit reclaimed its top-three position, posting a remarkable +22% monthly growth and leading Q4’s surge.

CoinGecko’s latest report shows that Binance remained the undisputed leader among CEXs in December 2024, holding a commanding 34.7% market share. Spot trading volume reached $1.0 trillion, up +2.3% from November’s $979.1 billion. This marked December as the second month Binance achieved the $1 trillion milestone in 2024, the first being March with $1.1 trillion.

On an annual basis, Binance held 42.4% of the leading exchanges trading volume, with $7.4 trillion of the combined $17.4 trillion. But even despite that dominance, Binance saw its market share slowly erode throughout the year, starting from 44.1% in January and briefly falling below 40% in September.

Its trading volume in 2024 was nonetheless greater than that of the next five largest exchanges combined, a testament to the platform’s leading position within the industry.

Beyond Binance, Crypto.com’s Rapid Growth

Crypto.com solidified its position as the second-largest CEX, accounting for 11.2% of the market share in December 2024. Its trading volume increased to $322.3 billion, which is a +12.7% increase compared to November. Being the only exchange other than Binance with a double-digit market share, Crypto.com’s rise underlines its appeal to institutional clients and high-frequency traders.

It set a trading volume of $757.8 billion during Q4 alone, substantially higher than the $539.8 billion from the first three quarters. Crypto.com operates in more than 100 countries globally and used this to its advantage in order to consolidate.

Upbit’s Remarkable Comeback

South Korea-based Upbit reclaimed the third spot among CEXs, posting a 9.8% market share and $282.7 billion in trading volume for December 2024. The exchange experienced an impressive +22.0% month-on-month growth, fueled by a surge in activity following the declaration of martial law in South Korea on December 3.

During this period, the daily volume peaked at ~$21.0 billion from an average of $3.5 billion. Buoyed by this, at +314.8% quarter over quarter, it is the fastest among the exchanges in Q4. The trading volume for Upbit reached $561.9 billion.

The year-end report truly underlines the dynamic nature of the CEX landscape: leading Binance with steady growth observed in Crypto.com, where Upbit appears to be pushing an extraordinary comeback. Such is the dynamic tending to very sharp competition, which is the main driver in innovation and the growth of this crypto exchange industry.

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