Originally published on: December 04, 2024
The cryptocurrency market experienced a historic surge in trading volume on centralized cryptocurrency exchanges (CEXs) in November, surpassing $10 trillion across spot and derivatives markets. This milestone was revealed in a recent report by CCData, a renowned crypto researcher.
According to the report, November marked the first time that monthly trading volumes skyrocketed past the $10 trillion mark. The surge in activity was primarily attributed to a shift in market sentiment following the US presidential election earlier in the month.
The crypto industry witnessed significant gains after Donald Trump’s electoral victory ignited hopes for a pro-crypto US policy overhaul. This positive price action led to a rush of investors and traders capitalizing on digital assets, anticipating a more favorable regulatory environment under the new administration.
The spike in trading volume was particularly noticeable in spot crypto markets, with monthly volumes increasing by nearly 130% to over $3.4 trillion. Several prominent spot exchanges like Upbit, Bybit, Crypto.com, Gate.io, and Bullish achieved record-breaking monthly trading volumes on their platforms.
Crypto derivatives markets also experienced a surge in volumes, with month-over-month gains of nearly 90%, totaling around $7 trillion. Arkham, a digital assets derivatives exchange, was launched on November 6 to cater to retail traders and compete with established platforms such as Binance.
Furthermore, the listing of options on Bitcoin ETFs by various exchanges like NYSE and Nasdaq in November is expected to further boost crypto derivatives volumes. These options contracts could potentially accelerate institutional adoption and unlock substantial upside for BTC holders.
With the crypto market hitting unprecedented heights in terms of trading volume, investors are keeping a close eye on the evolving landscape to spot investment opportunities, mitigate risks, and refine their trading strategies. Subscribe to our Markets Outlook newsletter to receive critical insights and stay ahead of the curve!
