2024 has been a year of ups and downs. In the past year, the fire of hope brought about by the approval of the BTC spot ETF at the beginning of the year did not burn as brightly as imagined, and the market quickly rebounded after a brief rise. In Q2 and Q3, the entire market entered a consolidation stage, and various exchanges were also recuperating. The turning point came in September. The dual benefits of the Federal Reserve's interest rate cut and the expectation of Trump taking office injected new impetus into the market and kicked off the bull market. The meme craze and the rise of AI agent narratives have completely ignited the passion of crypto traders. As one of the most critical components of the cryptocurrency industry, exchange volume and market share changes reflect the evolution of market structure and shifts in participant sentiment.

TokenInsight As a rating and research company in the Crypto industry, we have been tracking currency and exchange data. In this report, we summarized the data performance of the exchange industry this year and selected the top ten centralized exchanges and decentralized exchanges. We hope to understand the changes this year through the changes in data. and competition in the exchange industry.

The following data is a summary of the top ten exchange data selected by TokenInsight. This report does not include the total trading volume data of all exchanges. The main reasons are as follows:

There are so many exchanges in the Crypto industry that statistics on all exchanges Almost impossible

The top ten exchanges we selected can account for more than 95% of the market share, so they can almost reflect the overall market situation

2024 Top 10 The annual trading volume of the exchange is US$76.88 trillion, nearly double the year-on-year growth

2024 Q1, affected by Affected by the approval of the Bitcoin spot ETF, the sluggish market recovered slightly, pushing the price of BTC to exceed the US$70,000 mark at the end of March. At the same time, the market’s daily trading volume has also rebounded to more than $200 billion.

However, the Bitcoin halving event in April did not continue the rising trend of BTC prices. The overall market performance in Q2 and Q3 was mediocre, and the BTC price stagnated at 5The market continues to fluctuate between US$100,000 and US$60,000; the daily trading volume of the market remains in the range of US$100 billion to US$200 billion.

Q4, the bull market in the crypto market has finally returned. The combination of the Federal Reserve's interest rate cuts and November's U.S. election kicked off the bull market. Subsequently, Meme craze and AI Agent narratives helped this carnival, further igniting the market’s trading enthusiasm. The total daily trading volume of the market reached its peak on December 21, approaching US$700 billion; the price of BTC also exceeded the 100,000 mark, setting a new high, reaching a maximum of US$106,074.11.

The top three exchanges in cumulative market share of spot derivatives: Binance, OKX and Bybit

From In terms of cumulative trading volume throughout the year, Binance continues to occupy the first place in the market with 38.6% of the cumulative spot and derivatives trading share, and its independent trading share in both the spot and derivatives markets also ranks first.

OKX and Bybit rank second and third with cumulative market shares of 13.5% and 12.8% respectively. Among them, Bybit surpassed OKX in terms of spot market share and ranked second with 11.5% spot trading share. In terms of derivatives, Bitget is gradually approaching the first echelon, occupying about 11.6% of the derivatives market.

Binance still leads the market in market share; MEXC has the largest increase, exceeding 9%

2024, Binance The market share dropped to 32.7% from 42.2% at the beginning of the year, but it still leads other exchanges in the market.

Amid changes in the overall cryptocurrency exchange market landscape, Bitget, BitMart, MEXC and Gate have all increased their market share. Among them, MEXC has the largest increase, up about 9% from the beginning of the year. Although Bitget and BitMart did not perform as well as MEXC, both also increased their market share by more than 5%.

The spot trading volume of most centralized exchanges has increased, with Bybit having the largest increase of 8.5%

2024, most centralized exchangesspot trading volume has increased significantly. The bull market in Q4 has stimulated traders' enthusiasm for spot prices. This positive sentiment is particularly evident in popular emerging tracks such as AI Agent and DeSci. Investors are keen to seize the next 100x or even 1000x opportunity in the bull market, actively investing in spot stocks, and purchasing large amounts of early potential project tokens.

Among the top ten centralized exchanges, Bybit added more than 50 new spot assets in Q4, and its spot trading volume increased the largest year-on-year, reaching 8.5%. At the same time, as the leading centralized exchange, Binance has also implemented an active spot strategy and launched Binance Alpha in Q4.

Among other exchanges, BingX, BitMart and Bitget are still highly dependent on derivatives trading, with their derivatives trading volume accounting for more than 90% of the total trading volume. On the contrary, KuCoin and Gate continue to deepen their efforts in spot trading and maintain significant market share.

Binance still maintains its dominant position in the spot market; Bitget’s spot share increased by 8.06%, becoming the biggest winner

In 2024, the total spot trading volume increased by 111.42%, more than double that in 2023. Binance had a strong first half, capturing more than half of the spot market. However, during the bull market in Q4, its spot market share fluctuated, but it still maintained its dominance with a 43% share.

Bitget performed best in the Q4 bull market, with its spot share rising 8.06% year-on-year. Among other exchanges, MEXC and Bybit also saw small gains in market share. On the contrary, BingX's spot market share has declined significantly, down 3.19% year-on-year, which is likely due to the hacking incident that occurred in the second half of the year.

Binance continues to lead in the derivatives market; MEXC’s derivatives share increased the most, reaching 10.4%

In 2024, the total trading volume of derivatives surged by 132.35%. Binance’s derivatives market share has declined, but it is still far ahead of other exchanges with a 33% share.

MBoth EXC and BitMart have experienced significant gains in derivatives market share. MEXC's derivatives market share increased by 10.4% compared to 2023, the largest increase. BitMart’s share increased by 9%, and its market share is gradually approaching OKX.

Among other exchanges, Bybit's performance is relatively stable and its share has not changed significantly. In contrast, BingX’s derivatives market share fell by 6.01%, significantly lagging behind other centralized exchanges.

The total annual transaction volume of Top 10 DEX reaches US$2 trillion; Hyperliquid surpasses Uniswap and becomes the leader of DEX

With the Meme craze led by Pump.fun at the end of the year, the price of SOL soared, and the Solana ecosystem became the most watched Layer 1 in 2024 besides Ethereum. As the leading exchange within the Solana ecosystem, Raydium’s market share increased by 10.26%. But on the contrary, Orca's performance was disappointing, with its market share falling by about 4% on the premise of ecological good conditions.

In early November 2024, with the news of Hyperliquid’s currency issuance, Hyperliquid became the most watched new dark horse DEX in the bull market. Its average daily trading volume surpassed Raydium and big brother Uniswap in December and jumped to the first place among DEXs. Its market share reached 30.87% at the end of the year, an increase of 27.86% from the beginning of the year.

In contrast, the performance of the old traditional DEX: Uniswap and Pancakeswap in 2024 is not satisfactory. Uniswap's market share was eroded by Raydium and Hyperliquid, falling to 21.85%, falling from the first place. Pancakeswap’s share fell by about 8.9%, being squeezed to 3.39%.

At the end of 2024, the proportion of DEX trading volume has increased significantly, accounting for 2.98% of the total market trading volume

In 2024 Q1, the total trading volume of the encryption market is approximately US$19 trillion, and DEX accounts for approximately 2%. As the market gradually enters consolidationstage, market trading volume declined in the next two quarters. But data shows that traders are gradually turning to DEXs.

Q4, with the return of the bull market, market trading volume rebounded sharply, almost doubling that at the beginning of the year. Growth in total market volume has been driven primarily by on-chain narratives, including the memecoin craze on Solana, the rise of the AI-Driven ecosystem, and the strong performance of Hyperliquid. Together, these factors have driven DEX share to nearly 3%. Traders are increasingly leaning toward DEX in this bull market and are more actively looking for high-potential investment opportunities on the chain.

By the end of 2024, Hyperliquid’s trading volume reached US$12 billion, and its total locked position value exceeded US$3 billion

Hyperliquid became the biggest winner in DEX in 2024 Q4. Affected by the overall market trading sentiment in the first half of the year, Hyperliquid's average daily trading volume has fluctuated in the range of US$2 billion to US$3 billion from Q1 to Q3. In Q4, Hyperliquid trading volume surged, breaking through all-time highs in the mid-term, with trading volume reaching $12 billion at the end of the year.

At the same time, Hyperliquid’s ecosystem is also expanding steadily, with a large number of emerging projects in different fields appearing within its ecosystem. These include DeFi infrastructure, token issuance platforms, AI trading robots, etc. As of December 31, 2024, Hyperliquid’s total locked value has exceeded $2 billion.

Most centralized exchange platform coins performed well in Q4, among which BGB performed the best

2024 Q4, BGB’s performance is outstanding. On December 28, its price soared 1,308% from the beginning of the year, far exceeding Bitcoin and other centralized exchange platform coins. GT followed closely behind, with an increase of 213% at the end of the year, ranking second. Among other platform coins, the price returns of BNB and LEO also outperformed Bitcoin. Among them, BNB’s market value ranks fifth among all cryptocurrencies and is currently the exchange platform currency with the highest market value.

On the contrary, OKB's performance was relatively weak. At the end of 2024, its price fell 9% from the beginning of the year.

Most emerging DEX platform coinsPerformance is better than that of the old DEX platform currency; AERO has the highest increase, exceeding 2000%

Q4 of 2023, big The performance of most emerging DEX platform coins is significantly better than the traditional old DEX platform coins. Taking RAY on the Solana chain and CETUS on the Sui chain as examples, their price increases have exceeded those of traditional DEX platform coins such as UNI, CAKE and CRV. And HYPE’s price soared by 300% in just one month after its launch. The returns from AERO and THE are even more amazing. THE increased by 500%, and the AERO price rocketed by more than 2000%.

In contrast, established DEX platform coins like UNI and CAKE performed poorly, and their price performance lagged behind Bitcoin.