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After reviewing the latest annual data released by a leading exchange, the scale is indeed astonishing. The total trading volume for 2024 surpassed $34 trillion, with the spot trading market accounting for $7.1 trillion.
To put it in perspective with traditional financial markets, the Shanghai Stock Exchange's total trading volume last year was about 65 trillion RMB, roughly equivalent to $10 trillion. This means that the trading volume of a single trading platform is already close to three times that of the entire Shanghai Stock Exchange.
On a global scale, the New York Stock Exchange's trading volume in 2024 is around $20 trillion, and the total US stock market capitalization is only about $40 trillion. From this perspective, the trading activity in the cryptocurrency market is no small feat. Competition among exchanges is becoming increasingly fierce.