Originally published on: December 04, 2024
In a recent report by CCData, it was revealed that trading volume on centralized cryptocurrency exchanges (CEXs) reached record levels in November, surpassing $10 trillion in both spot and derivatives markets. This marks a significant milestone for the crypto industry, with volumes soaring by over 100% compared to the previous month.
The surge in trading activity was attributed to a shift in market sentiment following the US presidential election, which saw Donald Trump emerge as the victor. This resulted in a wave of optimism among investors and traders, driving up the prices of various digital assets and prompting a rush to capitalize on the positive market conditions.
Spot crypto markets experienced the most significant increase in activity, with monthly volumes skyrocketing by nearly 130% to over $3.4 trillion. Notable exchanges such as Upbit, Bybit, Crypto.com, Gate.io, and Bullish all recorded all-time highs in trading volume during November.
On the derivatives front, trading volumes also saw a sharp spike, with month-over-month gains of close to 90%, totaling almost $7 trillion. This trend is expected to continue as more exchanges list options on Bitcoin exchange-traded funds (ETFs), opening up new opportunities for traders and investors.
The launch of Arkham’s digital assets derivatives exchange on November 6th further exemplifies the growth of the derivatives market. The exchange is poised to attract retail traders and compete with established platforms like Binance.
Overall, the crypto market is witnessing unprecedented growth and activity, driven by a favorable regulatory outlook and increasing institutional adoption. With options on BTC ETFs gaining traction and offering new avenues for investment, the industry is poised for further expansion in the months to come.
Stay informed about the latest developments in the crypto market and discover new investment opportunities by subscribing to our Markets Outlook newsletter. Gain valuable insights to enhance your trading strategies and navigate the dynamic world of cryptocurrency with confidence. Subscribe today to stay ahead of the curve.
