Cryptocurrency Market Ends 2024 with Impressive Results, DEXs Reach Record Trading Volumes

The cryptocurrency market is ending 2024 with impressive results, with decentralized exchanges (DEXs) reaching record trading volumes in December.

The cryptocurrency market is wrapping up 2024 on a high note, with decentralized exchanges (DEXs) achieving new all-time highs in trading volumes for the month of December. According to the latest figures, DEXs collectively processed $326 billion in transactions, surpassing the previous peak of $299.6 billion set in November.

Leading the pack among the exchanges was Uniswap, which processed over $105 billion in transactions, capturing 32.2% of the DEX market share. PancakeSwap followed closely behind with $72.31 billion, or 22.16% of the total transaction volume. Raydium, a leading DEX built on the Solana blockchain, came in third with $56.46 billion, roughly 17.3% of the market share. Other prominent players, including dYdX and Curve, also processed substantial volumes, contributing to a combined total of nearly $50 billion.

Meanwhile, it wasn't just decentralized exchanges that boasted record-breaking performance. Centralized platforms (CEXs) also experienced a significant surge in trading activity, with spot trading volumes reaching $2.78 trillion. This marks the highest level of spot trading activity since May 2021.

Binance emerged as the clear leader among CEXs, facilitating $961 billion in transactions, or 34% of the total trading volume. Crypto.com followed in second place with $305.47 billion (about 10.83%). Other well-known exchanges, such as Upbit, Bybit, and Coinbase, also processed hundreds of billions of dollars in transactions.

The surge in trading volumes on both DEX and CEX exchanges comes amidst heightened volatility in the crypto market and optimism among investors regarding the policies of the newly elected Donald Trump administration.