November saw a significant increase in crypto trading activity, with spot trading volumes reaching $2.71 trillion, the highest level since May 2021.
That figure more than doubled from $1.14 trillion in October, according to data from The Block.
According to the data, Binance processed $986 billion worth of transactions, accounting for 36% of the total volume.
Spot Trading on Major Crypto Exchanges Increased in November
Major crypto exchanges like Crypto.com, Upbit, and Bybit also showed strong performances, with monthly trading volumes each exceeding $200 billion.
This increase was also reflected in the futures markets, with the total volume of Bitcoin futures reaching $2.59 trillion, while Ethereum futures reached $1.28 trillion, with both types of transactions reaching their highest levels in two years.
The main reason for this rise was the influence of pro-crypto policies, along with the re-election of Republican Donald Trump as US President on November 6. This political development created momentum in the crypto market, with Bitcoin reaching an all-time high of $99,635, while Solana also rose to a new peak towards the end of the month.
Cryptocurrency Index GMCI 30 Up 62.3% in November
The GMCI 30 index, tracking the performance of the top 30 cryptocurrencies, gained 62.3% in November. The announcement that SEC Chairman Gary Gensler would be stepping down also had a positive impact on the market, further fueling the rally. This development pleased many in the crypto sector and raised hopes for more lenient regulations.
November was a historic month for US-listed Bitcoin Exchange Traded Funds (ETFs), with investors investing $6.4 billion in spot BTC ETFs.
The surge in ETFs follows a month-long rally that saw Bitcoin surge 45% to an all-time high of $99,000.