The cryptocurrency market saw significant growth in November, with spot trading volume reaching $2.71 trillion, its highest level since May 2021. This is almost double the previous month’s volume of $1.14 trillion. Binance, the world’s largest crypto exchange, accounted for 36% of this volume, processing $986 billion in transactions. Other major exchanges, Crypto.com, Upbit, and Bybit, drew attention with monthly trading volumes exceeding $200 billion.
Bitcoin and Ethereum futures also saw historic highs in November. Bitcoin (BTC) broke a record with a trading volume of $2.59 trillion, while Ethereum (ETH) futures reached its highest level since May 2021 with $1.28 trillion. This rise accelerated due to the pro-cryptocurrency policies of Donald Trump, who was re-elected as US President. Trump’s re-election caused Bitcoin to set a new record by increasing its value to $99,635. During the same period, Solana (SOL) also rose, reaching an all-time high on November 21. The cryptocurrency index GMCI 30 increased by 62.3% last month, drawing attention to the general rise in the market.
Another important development in November was the departure of SEC Chairman Gary Gensler. Known for his tough regulation of the cryptocurrency sector, Gensler’s resignation was welcomed by market participants. Augustine Fan, Director of Analysis at SOFA.org, noted the optimism in the market as a whole, saying, “Most of the rally was concentrated in major assets like Bitcoin.” Gensler’s resignation strengthened expectations that interest in cryptocurrencies would continue in December.