Spot cryptocurrency trading reached new highs in November, with monthly trading volume on exchanges reaching $2.71 trillion, the highest level since May 2021.
Spot Crypto Exchange Volume Hits $2.7 Trillion in November, Highest Since 2021
This figure was more than double the $1.14 trillion volume in October, underscoring the revival in market activity.
Data revealed that Binance traded over $986 billion, accounting for around 36% of November volume.
Other major players include Crypto.com, Upbit, and Bybit, each of which surpassed $200 billion in monthly trading volume. Significant growth was observed across regions, highlighting a global increase in trading activity.
Bitcoin and Ethereum futures also saw significant growth, with Bitcoin futures volume reaching $2.59 trillion and Ethereum futures volume reaching $1.28 trillion, both reaching their highest levels since May 2021.
Catalysts for Growth
The record-breaking activity comes after pro-crypto Republican Donald Trump was re-elected as US President on November 6.
Trump's victory sparked a wave of optimism in the crypto market, with Bitcoin surpassing its previous all-time high to reach $99,635.
Solana also hit a new record high, with the GMCI 30 index tracking the top 30 cryptocurrencies rising 62.3% in November.
*This is not investment advice.
