In November, the monthly trade volume across spot crypto exchanges reached $2.71 trillion, the greatest level since May 2021. The volume is more than double that of October’s trade volume of $1.14 trillion.
Binance, which processed over $986 billion, accounted for approximately 36% of the monthly transaction volume in November, as per data from The Block.
Crypto.com, Upbit, and Bybit followed, each recording a monthly volume eclipsing $200 billion. It was observed that trading volume increased significantly month over month in all regions of the world.
In the meantime, the total trading volume for Bitcoin futures on exchanges in November exceeded $2.59 trillion, while Ethereum futures reached $1.28 trillion, both of which were the highest levels since May 2021.
The reelection of pro-crypto Republican Donald Trump as U.S. President on Nov. 6 triggered a record-breaking price rally in the broader crypto market in November.
Following Trump’s reelection, Bitcoin experienced a series of record-breaking highs, culminating in a price of $99,635. On November 21, Solana also reached a new peak.
In the previous month, the GMCI 30, an index that gauges the performance of the top 30 cryptocurrencies, experienced a 62.3% increase.
Gary Gensler, the Chair of the Securities and Exchange Commission, also announced his resignation from the agency last month. Many in the crypto industry embraced this action, as they perceived his regulatory approach as excessively aggressive.
“The bulk of the current rally has been concentrated in the ‘majors,’ with BTC leading the charge,” said Augustine Fan, head of insights at SOFA.org. “Crypto bullishness remains pervasive across the board.”
