A recent study by CoinGecko reveals that Binance continues to dominate the centralized exchange (CEX) market, holding a commanding 39.1% market share in November 2024. Binance’s spot trading volume surged to an impressive $979.1 billion during the month, marking a 130.9% increase from October’s $424 billion. Crypto.com secured the position of the second-largest CEX, capturing an 11.4% market share with a spot trading volume of $286.1 billion in November. This represents a significant 91.5% increase from October’s $149.4 billion. Crypto.com’s rapid rise is noteworthy, as its market share in the first half of 2024 ranged between just 2% and 4%. Since September, the platform has successfully overtaken several competitors to solidify its position in the top three. Which CEX is the largest in November 2024? Our latest study reveals that @binance continues to lead as the top CEX with a 39.1% market share, followed by @cryptocom with 11.4% and @Official_Upbit with 9.3%. Read the full study: https://t.co/ws49tbbDHT pic.twitter.com/PjO5A02n26 — CoinGecko (@coingecko) December 10, 2024 Upbit rounded out the top three CEXs, recording a 9.3% market share and $231.8 billion in trading volume in November. While Upbit has maintained its relevance in the highly competitive CEX space, it trails behind Binance and Crypto.com in terms of market activity. The combined market share of the remaining top 10 exchanges stood at 40.2%, with none holding more than 9% individually. This further underscores Binance’s dominance, as well as the growing influence of Crypto.com and Upbit. November’s data highlights the shifting dynamics of the CEX market, with Binance retaining its leadership and Crypto.com emerging as a significant contender. As trading volumes grow and market shares fluctuate, competition among centralized exchanges is intensifying, setting the stage for further developments in the coming months. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ivanbabydov/ 123RF // Image Effects by Colorcinch
