Monthly trade volume across spot crypto exchanges reached $2.71 trillion in November, the highest level since May 2021. The size is more than double October's trade volume of $1.14 trillion.
According to data from The Block, around 36% of the monthly trade volume in November came from Binance, which processed over $986 billion. Crypto.com, Upbit, and Bybit followed, each recording a monthly volume exceeding $200 billion. A significant month-over-month increase in trading volume was observed globally across all regions.
Meanwhile, November’s total trading volume for Bitcoin futures on exchanges reached $2.59 trillion, while Ethereum futures hit $1.28 trillion, both marking their highest levels since May 2021.
November witnessed a record-breaking price rally in the broader crypto market following the reelection of pro-crypto Republican Donald Trump as U.S. President on Nov. 6.
Following Trump’s reelection, Bitcoin repeatedly broke its all-time highs, reaching $99,635. Solana also soared to a new high on Nov. 21. The GMCI 30, an index that measures the performance of the top 30 cryptocurrencies, rose 62.3% in the past month.
Last month also saw Securities and Exchange Commission Chair Gary Gensler announce his departure from the agency. This move was welcomed by many in the crypto industry who viewed his regulatory approach as overly aggressive.
“The bulk of the current rally has been concentrated in the 'majors,' with BTC leading the charge,” said Augustine Fan, head of insights at SOFA.org. “Crypto bullishness remains pervasive across the board.”
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
