原文标题：Market Share of Centralized Crypto Exchanges, by Trading Volume
原文作者：Shaun Paul Lee
Original text: coingecko
编译：Kate, 火星财经
What is the largest centralized exchange?
Binance remains the largest centralized exchange (CEX), with a market share of 49.7% in March 2024. In March 2024, its spot trading volume rose to $11.425 trillion. This represents a month-on-month increase of 131.6% compared to $493.4 billion in February 2024.
https://www.coingecko.com/research/publications/2024-q1-crypto-report
The second-largest centralized exchange is Upbit with a market share of 9.4% and a spot trading volume of $216.4 billion in March 2024. This represents a growth rate of 181.6%, compared to a growth rate of $76.8 billion in February 2024.
As of March 2024, Bybit is the third-largest exchange with a market share of 8.2% and a trading volume of $189 billion. The rest of the top 10 competitors all had less than 8% of the market, with a total market share of 32.7% in March.
Binance market share
Binance is the market leader among centralized exchanges, accounting for 48.5% of the total spot trading volume in the first quarter of 2024. While it slowly lost its market dominance in Q4 2023 with a 42.6% share, it has since regained its market dominance. In absolute terms, it generated $2.08 trillion in trading volume in the first quarter of 2024, compared to $1.14 trillion in the fourth quarter of 2023.
The regulatory hurdles Binance has faced throughout 2023 seem to have been largely forgotten by traders, with monthly trading volumes picking up significantly. At the same time, Binance saw a large number of new token listings and new project launches throughout the quarter, providing users with more trading opportunities.
Upbit is still the second largest
Upbit managed to maintain its position as the second-largest centralized exchange in the first quarter of 2024, with spot trading volume reaching $383.7 billion. This represents a market share of 8.9% in the quarter, an increase of 61.1%. In the fourth quarter of 2023, Upbit dominated with a 10.8% share, with $238.2 billion in trading volume.
While the South Korean exchange saw a significant increase in trading volume in the first quarter of 2024, its market share declined, failing to keep pace with Binance's growth. However, new token listings on exchanges continue to benefit from strong local demand for crypto assets, with prices fluctuating wildly.
Bybit rounded out the top three
Bybit was the third-largest exchange in the first quarter of 2024, with a market share of 8.6% and a trading volume of $368.2 billion, up 111.8% from the previous quarter. In the fourth quarter of 2023, Bybit's trading volume was $173.8 billion, with a market share of 7.9%.
The third place was previously occupied by OKX, but was later squeezed into fourth place.
Binance was the biggest winner in the first quarter of 2024
In addition to being the largest centralized exchange, Binance was also the biggest winner in the first quarter of 2024. It grew 122.3% for the quarter, adding $1.1446 trillion in spot trading volume. This outpaced the growth of the other top 10 exchanges, which increased their trading volume by $951 billion, which is a clear indication of Binance's dominance in this cycle.
Five of the top 10 exchanges grew by more than 100% throughout the quarter. The second largest gainer was Bitget, which increased by 112.4% ($85.1 billion). It was followed by Bybit with an increase of 111.8% ($194.4 billion) and Kucoin with an increase of 104.0% ($82.9 billion). Coinbase, meanwhile, grew by 103.4% with an absolute gain of $153.1 billion.
Top 10 Centralized Exchanges Market Share (Q1 2024)
Top 10 Crypto Exchange Market Share 2018-2023
The chart below shows the market share of the top 10 centralized crypto exchanges in 2023 by spot trading volume:
https://www.coingecko.com/research/publications/2023-annual-crypto-report
The chart below shows the market share of the top 10 centralized crypto exchanges in 2022 by spot trading volume:
The chart below shows the market share of the top 10 centralized crypto exchanges in 2021 by spot trading volume:
The chart below shows the market share of the top 10 centralized crypto exchanges in 2020 by spot trading volume:
The chart below shows the market share of the top 10 centralized crypto exchanges in 2019 by spot trading volume:
The chart below shows the market share of the top 10 centralized crypto exchanges in 2018 by spot trading volume:
methodology
The study surveyed the top 10 centralized exchanges by spot trading volume using CoinGecko's data from October 1, 2023 to March 31, 2024. The top 10 centralized exchanges are: Binance, Upbit, Bybit, OKX, Coinbase, KuCoin, Bitget, Gate, HTX, MEXC. Market share is calculated based on the total volume of monthly spot trades.