CryptoQuant analyst Maartunn wrote that the cumulative spot trading volume data in 2024 showed that major exchanges such as Binance have a clear dominance in the cryptocurrency market, and market activities are highly concentrated in a few mainstream exchanges.
Main observations:
Binance's market dominance:
-Binance's cumulative spot trading volume is $7.23 trillion, accounting for 46.59% of the total market share.
Top 5 exchanges:
-The top five exchanges (Binance, Bybit, Crypto.com, OKX and Coinbase) together control about 81.24% of the cumulative spot trading volume.
Mid-level participants:
- Exchanges such as Upbit, Huobi Pro and Bithumb Korea contribute considerable trading volume, but individually, they account for less than 10% of the market share.
Smaller exchanges:
- Exchanges such as Coinone, Korbit and Binance USA account for a negligible share, each accounting for less than 0.2%.