Originally published on: December 04, 2024
The month of November saw an unprecedented surge in trading activity on centralized cryptocurrency exchanges (CEXs), surpassing the $10 trillion mark, according to the latest report from CCData, a prominent crypto research firm.
This historic milestone marked the first time monthly trading volumes crossed the $10 trillion threshold, with CCData reporting an impressive 100% increase in CEX volumes compared to the prior month.
The surge in trading activity was attributed to a shift in market sentiment following the US presidential election in early November. The election victory of Donald Trump sparked optimism within the crypto community, leading to massive gains in crypto assets as investors and traders capitalized on the positive price action.
The industry is now bracing for a more favorable regulatory environment under the new administration, fueling further enthusiasm among market participants.
Spot crypto markets witnessed a substantial uptick in activity, with monthly volumes soaring by nearly 130% to over $3.4 trillion. Notable spot exchanges such as Upbit, Bybit, Crypto.com, Gate.io, and Bullish reported record-breaking trading volumes on their platforms.
Crypto derivatives markets also experienced a significant surge, with volumes jumping by almost 90% month-over-month to nearly $7 trillion. The launch of a new digital assets derivatives exchange by Arkham further intensified competition in the market, catering to retail traders seeking to diversify their trading options.
Moreover, the listing of options on Bitcoin exchange-traded funds (ETFs) on major exchanges like the NYSE and Nasdaq in November has opened new avenues for investors. The debut of spot BTC ETF options is expected to drive institutional adoption and unlock substantial upside potential for BTC holders.
With options contracts providing traders with the flexibility to capitalize on price movements, the crypto market is set for a period of unprecedented growth and innovation.
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