Spot trading volume on crypto exchanges has reached its maximum since May 2021

The figure more than doubled in a month to $2,71 trillion

02.12.2024 - 13:50

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What’s new? In November, the monthly spot market trading volume of the largest centralized crypto exchanges (CEXs) reached $2,71 trillion — a figure more than double the result for October ($1,14 trillion) and the best since May 2021. According to The Block’s data, the share of the largest platform Binance in the total result amounted to 36% or $986 billion.

The Block’s data

What else is known? Binance is followed by Crypto_com with a result of $284 billion, South Korea’s largest platform Upbit ($235 billion), and the Bybit platform ($214 billion). The leading US exchange Coinbase was in fifth place ($176 billion).

In general, a significant increase in trading volume compared to the previous month was observed in all regions. The crypto market rally began on November 5, after Donald Trump’s victory in the US presidential election.

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Bitcoin repeatedly updated price highs during the month, with the highest level being $99 635, recorded on November 23.

The total trading volume of bitcoin futures on exchanges in November reached $2,59 trillion, and the figure for Ethereum futures was $1,28 trillion, both are the best results since May 2021.

In turn, the GMCI 30 index based on the top 30 cryptocurrencies rose by 65% over the month.

Earlier, analyst Colin Wu reported that from October 7 to November 15, the total trading volume on Binance — spot and derivatives markets — was $3,51 trillion, far exceeding the results of the world’s major stock exchanges. Binance’s result outperformed the Nasdaq by 10% and double that of the New York Stock Exchange (NYSE).

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The crypto market rally also had a positive impact on the non-fungible token (NFT) segment. On December 1, NFT trading volume on Ethereum Virtual Machine-enabled networks reached $42,1 million — the second-best result in 2024 after March 4 ($53,3 million), when the market was also on the rise following the approval of spot bitcoin exchange-traded funds (ETFs).

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