November had $2.7 trillion in spot crypto exchange activity, most since May 2021
Global crypto exchange spot transaction volume surpassed $2.7 trillion in November, the biggest since May 2021.
Exchange Bitcoin and Ethereum futures trading reached its highest level since May 2021.
The crypto market rose in November after pro-crypto Donald Trump was reelected.
Spot crypto exchange transaction volume hit $2.71 trillion in November, the biggest since May 2021. The transaction volume exceeds October's $1.14 trillion.
Binance handled $986 billion in November, accounting for 36% of trading volume, according to The Block. Crypto.com, Upbit, and Bybit followed with monthly volumes above $200 billion. Global trade volume increased significantly month-over-month across all areas.
November exchange trading volume for Bitcoin futures reached $2.59 trillion and Ethereum futures $1.28 trillion, both at record highs since May 2021.
The crypto market had a record-breaking price increase in November after pro-crypto Republican Donald Trump was reelected on Nov. 6.
Bitcoin twice smashed its record highs after Trump's victory, hitting $99,635. Also on Nov. 21, Solana reached a high. In the previous month, the GMCI 30, which tracks the top 30 cryptocurrencies, surged 62.3%.
Securities and Exchange Commission Chair Gary Gensler resigned last month. This action was hailed by crypto industry members who thought his regulatory stance was too strong.
“The bulk of the current rally has been concentrated in the'majors,' with BTC leading the charge,” said SOFA.org head of insights Augustine Fan. Cryptobullishness is widespread.”
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