The cumulative spot volume data for 2024 shows a clear dominance of certain exchanges in the cryptocurrency market, with Binance holding the lead. The data indicates that market activity is highly centralized around a few key players, with a steep drop-off in volume as we move down the list of exchanges.

Key observations:

Binance's Market Dominance:

- Binance recorded a cumulative spot volume of $7.23 trillion, accounting for 46.59% of the total market share.

Top 5 Exchanges:

- The top five exchanges (Binance, Bybit, Crypto.com, OKEx, and Coinbase) together control approximately 81.24% of the cumulative spot volume.

Mid-Tier Players:

- Exchanges like Upbit, Huobi Pro, and Bithumb Korea contribute meaningful volume, but individually, they represent less than 10% of the market share.

Smaller Exchanges:

- Exchanges such as Coinone, Korbit, and Binance USA collectively account for a negligible share, each holding less than 0.2%.

Written by maartunn