Spot trading volume on leading centralized exchanges increased by 141% in a month

What’s new? The total trading volume on the spot market of the 14 largest centralized crypto exchanges (CEXs) in November increased by 141% and exceeded $2,73 trillion. The leading South Korean exchange Upbit became the leader in terms of growth for the month: its trading volume increased by 386% to $231 billion, followed by BitMart (+242%), and Bitfinex (+218%) with figures of $104 and $13,6 billion, respectively.

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What else is known? It is noteworthy that growth was demonstrated by all leading CEXs, the “worst” was the result of the HTX platform with an increase of 69%. The reason was the rally of the crypto market as a result of Donald Trump’s victory in the US presidential election, in which bitcoin updated its historic high above $104 000.

The information was provided by analyst Colin Wu after collecting data on exchanges Binance, Crypto.com, Bybit, Coinbase, OKX, Gate, HTX, MEXC, Upbit, Bitget, BitMart, Kraken, Kucoin, and Bitfinex.

Gate (+193%), Coinbase (+190%), and Kucoin (+182%) also showed notable increases in spot trading volume with figures of $161,3 billion, $175,3 billion, and $55,5 billion, respectively.

Earlier, analysts at The Block also noted that in November, spot trading volume on the leading CEXs reached its highest since May 2021.

As for the trading volume in the derivatives market, the overall result grew by 97,4% to $8,03 trillion. Here, the same platforms were used for data collection, except for Coinbase, Upbit, BitMart, and Bitfinex, but taking Deribit into account.

Positive dynamics were also recorded for all platforms, and the leader was MEXC with an increase of 186% to $769,8 billion. It is followed by Kraken (+160,4%) and Deribit (+151%) with figures of $44,3 and $53,4 billion, respectively. The “worst” result is Crypto.com with an increase of 57%.

Traffic on exchanges grew by 32% to 276,61 million visits, the leaders in terms of growth were Crypto.com (+113%), Coinbase (+85%), and Upbit (+82%), whose audience amounted to 6,5, 55,9 and 10,6 million, respectively.

At the same time, Gate, OKX, and Bitget platforms experienced a drop in traffic by 6, 4, and 2% respectively.

In November, the most popular platform among Russians was Bybit, where they accounted for 26% of the total traffic, followed by Deribit (20%), Bitfinex (10%), HTX (8%), and OKX (5%).