Binance’s market share shrank in 2024, with Bybit and Bitget emerging as key competitors in the CEX space.
Spot and derivatives trading volumes surged in 2024, with Crypto.com and Bitget leading impressive growth.
According to Wu Blockchain’s “2024 Cex Annual Report: Binance’s lead narrowed, while Bybit spot and Bitget contracts grew significantly,” the space of cryptocurrency changed dramatically in December 2024. The research clarifies exchange website traffic as well as the changing dynamics in spot and derivative trading volumes.
December alone showed a notable 14% rise in spot trading volumes; Bitget led the rise at an amazing 102%. The annual rise, when compared to 2023, was astonishingly 139%. With a huge 960% increase, Crypto.com came out as the top among the main participants, followed by Bybit at 392% and Gate at 244%.
Exchanges such as BitMart, Upbit, and Binance, meanwhile, showed relatively modest rises of 78%, 83%, and 92%, respectively.
Source: Wu Blockchain
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