In Q4 2024, the top 10 centralized cryptocurrency exchanges experienced a significant surge in trading volume, with eight of them recording triple-digit percentage growth. The total trading volume for these exchanges reached $6.4 trillion, a 111.7% increase from the previous quarter. Binance maintained its dominance in the market with a 34.7% market share, recording a spot trading volume of $1.0 trillion in December. However, Binance has gradually lost market share throughout the year, dipping below 40% by the end of 2024. Crypto.com emerged as the second-largest exchange by trading volume in December, while Upbit saw a notable 22% growth in spot trading volume, driven by a surge in volume following the declaration of martial law in South Korea.



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