According to data shared by the cryptocurrency market tracking agency New Hedge, the trading volume of spot cryptocurrency exchanges in November reached $2.9 trillion, the highest level since May 2021.
A spokesperson for Crypto.com stated that November was its 'strongest month last year', with platform trading volume reaching an all-time high. 'As a company and an industry, we are seeing increased interest and investment in cryptocurrencies, which has led to record global trading volumes in recent weeks. We expect this positive market sentiment to continue into the first quarter of next year,' they added.
According to a spokesperson, this growth may have been triggered by the recent election results in the United States and the clearer regulatory prospects in major markets, which are believed to be significant factors driving global adoption and increased trading volume.
Jonathon Miller, Managing Director of Kraken Australia, stated that the exchange also experienced a robust month, particularly in perpetual contract trading volume. Miller noted that Bitcoin perpetual contracts accounted for the majority of the trading volume, while Solana and Dogecoin perpetual contracts reached monthly all-time highs. He added, 'Kraken's perpetual contract trading volume surged as various traders sought leveraged exposure or hedged against the risk of a market rebound post-election.'
A Binance spokesperson stated in an interview that the exchange 'has observed an increasing number of participants entering the cryptocurrency space' and speculated that this may be due to various factors, such as the approval and ongoing success of Bitcoin ETFs in major markets, and recent changes in macroeconomic conditions which have contributed significantly to Bitcoin's rise. Additionally, the Trump administration's crypto-friendly outlook has injected optimism into the market, as he promised during his campaign to make the U.S. a global cryptocurrency hub. (Cointelegraph)