Crypto Market Drama: Trading Hits Trillions But Still Broke 😱

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Well, well, well, folks. The crypto market in 2024 decided to show us some action with a whopping $18.83 trillion in trading volume across the top 15 centralized exchanges. Sounds impressive, right? Until you remember that 2021 was like, “Hold my Bitcoin” with a record $25.21 trillion. So yeah, 2024—you tried, sweetie, but still not prom queen. But hey, up 134% from 2023’s sad little $8.05 trillion? Slow clap for you! 👏

Now, let’s talk Binance, the self-appointed Beyoncé of crypto exchanges. With 39.0% of the market and a $7.35 trillion trading volume, they’re basically running the show in a diamond-encrusted jumpsuit. Then there’s Bybit, the Kelly Rowland in the scenario, pulling in 9.3% of the market and $1.75 trillion in volume. Respect. 💎

But wait—enter Crypto.com, swooping in like that one overachiever at your college reunion, bragging about *their* growth. 🚀 Their trading volume soared by an eye-popping 969.7%, from $120.6 billion in 2023 to $1.29 trillion in 2024. Congrats, Crypto.com, you’re officially the kid who shows up to Thanksgiving with a Tesla. Third place with a 6.8% share! Pop the champagne…or at least some decent crypto memes. 🥂

Coming in hot behind Crypto.com? Bybit and Gate.io, with annual trading volume growth of 397.8% and 241.5%, respectively. Not too shabby, but it’s like comparing wine to boxed sangria. CoinGecko chimed in, with their oversized monocle and pocket watch, to declare:

“Top 15 centralized crypto exchanges hit $18.83 trillion in 2024 spot trading volume. Sure, it’s +134% from 2023’s $8.05 trillion, but LOL—it’s peanuts next to 2021’s bull market insanity of $25.21 trillion.”

Crypto’s Game of Thrones: New Kids vs. Old Guard

Not everyone got a gold star. Exchanges like OKX, HTX, and MEXC have been losing market share faster than my New Year’s gym resolutions. Meanwhile, new platforms like Crypto.com, Bybit, and BingX barged in, stole the guac, and ate up market share. RIP, FTX—2021’s 2.6% market darling and 2022’s 4.8% underdog, before it did a very dramatic faceplant. Wanna know what CoinGecko had to say? Of course you do:

“Shiny new exchanges are feasting on the market share of the old-timers. FTX even managed to be the 6th largest exchange in 2021 and 2022 before its catastrophic downfall. Guess that’s one way to exit the group chat.”

For the nerds keeping track, CoinGecko’s data spanned the top 15 centralized exchanges from 2020 to 2024. The usual suspects: Binance, Bybit, Crypto.com, Upbit, OKX, Coinbase, Gate.io, HTX, MEXC, Bitget, KuCoin, Bithumb, Kraken, BingX, and Bitfinex. Market share was all about that annual trading volume. TL;DR: Money talks, bad exchanges walk.

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2025-02-12 19:19