• DEX monthly trading volume surged significantly, surpassing $320 billion in December. 

  • Spot trading volume on centralized exchanges also surged, reaching more than $2.8 trillion in December. 

When Bitcoin hit new all-time highs, surpassing the $100,000 milestone and the entire crypto market was on a bull run earlier this month, it increased investor confidence. Being two major cryptocurrencies, Bitcoin and Ether traded above the $102,000 and $3,800 price ranges respectively, further stirred enthusiasm in crypto communities. However, the market is ending 2024 with price dips, hinting at a larger bull run in the new year. 

Meanwhile, trading volume on decentralized exchanges (DEXs) is making new records with its recent surge. As per The Block, total DEX monthly trading volume surpassed $320.5 billion in December. 

DEX Monthly Volume (Source: The Block)

One of the pioneering and major DEX platforms, Uniswap topped the list with more than $105 billion volume, followed by PancakeSwap and Raydium. The largest DEX on Solana, Raydium’s growth to the top 3rd position is commendable with over $56 billion in volume. 

Trading Volume on Centralized Exchanges (CEX) Also Surged in December

CEX Monthly Trading Volume (Source: The Block)

With an increased investor confidence and positive market sentiment, spot trading volume on CEXs has also increased this month. The total spot trading volume on centralized exchanges crossed $2.8 trillion in December, slightly above November’s spot trading volume of $2.71 trillion. Both of the months recorded a significant surge in trading volume compared to previous months in 2024. 

Being the largest crypto exchange, Binance alone captured around $961 billion spot trading volume, followed by Crypto.com, Upbit, Bybit, and Coinbase. The unprecedented surge in trading volume on both DEXs and CEXs prove increased investor activity on exchange platforms. 

Despite the crypto market’s current price declines, the trading volume witnessed substantial increases on both centralized and decentralized exchanges. This could act as a precedent for the upcoming larger bull run in the new year. 

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