2024-12-05
In November, trading activity on
centralized exchanges reached new heights, with combined spot and derivatives
volumes surging 101% to $10.4 trillion according to a report from CCData.
This marks a new milestone for the
cryptocurrency industry, as it is the first time centralized exchange had more
than $10 trillion in trading volume.
This surge was driven by renewed
optimism following the reelection of pro-crypto candidate Donald Trump as U.S.
President.
The market saw a significant increase
in both spot and derivatives trading volumes, with spot trading volumes hitting
$3.43 trillion and derivatives volumes reaching $6.99 trillion.
Many spot exchanges including Upbit,
Bybit, Crypto.com, Gate.io and Bullish recorded a new all-time high for the monthly
trading volume.
The derivatives market also saw
substantial growth, with Bitcoin futures trading volumes reaching $2.59
trillion and Ethereum futures hitting $1.28 trillion.
