According to spot trading volume data in 2024:

⚫️Binance's market dominance: Binance's cumulative spot trading volume is $7.23 trillion, accounting for 46.59% of the total market share

⚫️Top five exchanges: The top five exchanges - Binance, Bybit, Crypto.com, OKEx and Coinbase - control about 81.24% of the cumulative spot trading volume

⚫️Mid-tier participants: Exchanges such as Upbit, Huobi Pro and Bithumb Korea contribute considerable trading volume, but each accounts for less than 10% of the market share

⚫️Smaller exchanges: Exchanges such as Coinone, Korbit and Binance.US have a combined market share of less than 0.2%, and their market share is very limited