CEX spot volumes surged 139% in 2024

Spot trading volumes on centralized exchanges (CEXs) rose 139% in 2024 from the previous year, WuBlockchain said in its annual report.

Totals were about $7.68 trillion in 2023 and $18.38 trillion in 2024.

Crypto.com led growth with a 960% increase. Bybit ranked second at 392%, Gate third at 244%.

Aggregate crypto-derivatives volumes rose 91% — from $27.85 trillion to $53.24 trillion.

Over the same period, total traffic to centralized cryptocurrency exchanges rose 22%.

Binance’s dominance narrowed in 2024, according to WuBlockchain: its market share fell from 49% to 39% in spot, and from 50% to 38% in derivatives. Bybit became the second-largest spot venue, with Crypto.com third.

Decentralized exchanges also saw gains. In December 2024, aggregate monthly trading volume hit a record $463 billion. Uniswap led with $106.4 billion, followed by PancakeSwap at $96.4 billion and Raydium at $58 billion.

Over 2024, the number of registered Binance users rose 47%, surpassing 250 million.