The global crypto market experienced significant fluctuations in 2024, marked by both challenges and opportunities. Although the first half of the year showed crypto’s strong performance and market optimism, driven by institutional interest, Bitcoin’s price strength, and the launch of spot Bitcoin ETF, crypto exchanges saw a consistent decline in trading volumes. This negative trend caused a significant correction in crypto exchange revenue projections, with the annual growth rate falling three times year-over-year to 26% in 2024. However, that might be just the start of a declining trend, with crypto exchange revenues facing a major slowdown in the following years.
According to data presented by CryptoPresales.com, the annual growth rate in the crypto exchange market is expected to drop five times to only 4.3% by 2028.
Revenue Growth to Halve Year After Year
After a fantastic 2,170% growth between 2017 and 2021, driven by the surging crypto adoption and heavyweight institutions embracing digital assets, crypto exchange revenues plunged by 43% to $20.1 billion amid the bear market of 2022, the worst drop in the market’s history. Despite the challenging economic conditions and significant headwinds in the crypto space, that figure doubled and hit $40.7 billion in 2023. However, the time of double and triple-digit growth rates is ending, with the crypto exchange market facing a significant slowdown in the coming years.
According to the Statista Market Insights survey, after a fivefold drop between 2023 and 2024, the annual growth rate in the crypto exchange segment will continue halving year after year by 2028. In 2025, the entire market is forecasted to gross close to $60 billion, while the annual growth rate will drop to 15.6%. A year later, that 15.6% will slip to 8.6%, with crypto exchange revenues rising to $64.7 billion.
According to Statista estimates, global revenue of crypto exchanges, crypto banks, and trading platforms will hit $71.7 billion in 2028. Still, the annual growth rate will plunge to 4.3%, five times less than this year and almost 90 times less than the growth rates seen before the 2022 drop.
Statistics show the average revenue per user will remain deep below the 2020 and 2021 levels, when it ranged between $100 and $120. In 2024, the average revenue per user in the crypto exchange segment will hit $61.8. By 2028, this figure will increase to $72.2.
Almost One Billion People to Use Crypto Exchanges by 2028, Despite the Market Slowdown
Although crypto exchanges are experiencing a massive slowdown and a fivefold drop in the annual growth rate, the number of people trading cryptos on these platforms will continue to rise. Last year, 670 million people worldwide traded digital coins on crypto exchanges, 240 million more than the year before.
This figure is forecasted to jump over 833 million in 2024, showing a 160 million increase year-over-year. Although the user growth will also slow down, Statista expects close to 160 million new users to flock to crypto exchanges in the next four years, pushing the total user count to close to one billion by 2028.
