In the grand spectacle that is cryptocurrency, what a paltry sum $18.83 trillion seems when stacked against the giddy heights of 2021! Last year, the more prominent centralized crypto exchanges performed a majestic ballet of spot trades, albeit with a soporific 25% drop from their dazzling pinnacle.
Leading this merry band of digital traders was none other than the indomitable Binance, clutching a rather impressive 40% market share and a staggering $7.35 trillion in trading volume—essentially the cryptocurrency equivalent of Lancelot at Camelot, minus the chivalry.
Now, let us not diminish the valiant efforts of Crypto.com, which, band of misfits that it is, sported a mere 6.8% market share. Yet, like an exuberant child at a picnic, it experienced a remarkable +970% surge in trading volume—hopping giddily from $120.6 billion in 2023 to $1.29 trillion! Bybit and Gate.io, those wily second and third-place peddlers, managed to claw their way up with increases of +398% and +242%, respectively, proudly declaring, “We’re still in the game!”
Collectively, the top 15 centralized exchanges reached a merry total of $18.83 trillion, a performance that was spectacularly impressive compared to 2023 but still left us wistfully recalling the dizzying heights of $25.21 trillion in 2021. Ah, 2021—the year we all thought we were financial wizards!
“While trading volume in 2024 was much higher than in 2022 and 2023, it still paled compared to 2021. During the bull cycle of 2021, the top 15 exchanges saw annual volumes hit $25.21 trillion.”
— CoinGecko
As for OKX, HTX, and MEXC? A tragic trio that has fallen from grace since 2020, relinquishing their desirable trading spots to sprightly newcomers. And poor FTX—its memory now a bittersweet echo of what once was. Remember when it was a respectable 6th place? Oh, how the mighty have fallen!
“FTX was also a major contender, having accounted for 2.6% of volume in 2021 and 4.8% in 2022. This made it the sixth-largest exchange in both years before its eventual downfall.”
— CoinGecko
Thus concluded CoinGecko’s diligent research traversing the tumultuous waters of crypto history from 2020 to the onset of 2025. Their list of top players in the trading arena reads like a who’s who of questionable characters: Binance, Bybit, Crypto.com, Upbit, OKX, Coinbase, Gate.io, HTX, MEXC, Bitget, KuCoin, Bithumb, Kraken, BingX, and Bitfinex. Let us raise a glass to the absurdity of it all! 🍷
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2025-02-12 15:12