Cryptocurrency

2024

Gary

Trillion

<ul class="wp-block-list">
  
 <li>Binance processes $986B, controlling 36% of November's $2.71T crypto trading volume.</li>   
 <li>Bitcoin ETFs see $6.4B inflow, fueling a major market rally in November 2024.</li>   
 <li>Trump’s reelection boosts Bitcoin to $99,635, marking a new all-time high.</li> 
</ul>   
<p>Global spot trading volume in the cryptocurrency market reached $2.71 trillion in November 2024, showing a revival. This level is the highest since May this year and marked a staggering rise from October’s $1.14 trillion, based on data from The Block. The increase in trading volume coincided with overall market momentum, which focused on key events, political events, and changes in regulatory management.</p>   
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<h2 class="wp-block-heading" id="h-binance-leads-as-trading-volumes-double-globally"><strong>Binance Leads as Trading Volumes Double Globally</strong></h2>   
<p>Binance continues to be the leader in the <a href="https://cryptonewsland.com/the-4-phases-of-cryptocurrency-market-cycles-and-their-impact-on-nfts/" target="_blank" rel="noreferrer noopener sponsored nofollow">cryptocurrency market</a>, with trading volumes of $986 billion and a market share of 36%. Other major exchanges also reported notable performances for instance Crypto.com and Upbit exceeded $200 billion in monthly trade volumes, while Bybit was not far behind.</p>   
<p>Additionally, Other futures markets, such as those for <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> and Ethereum, registered higher growth rates. The trading volume in Bitcoin futures stood at $2.59 trillion, while Ethereum futures were $1.28 trillion. Each of the two indicators has peaked in the past two years. Experts said the increase is due to better market conditions and positive macroeconomic factors.</p>   
<h2 class="wp-block-heading" id="h-political-and-regulatory-changes-bolster-crypto-sentiment"><strong>Political and Regulatory Changes Bolster Crypto Sentiment</strong></h2>   
<p>The rally in the crypto market can be attributed to many factors, including Donald Trump's re-election as the US President. Trump’s <a href="https://cryptonewsland.com/cathie-wood-highlights-bitcoins-rise-as-a-sign-of-market-optimism/" target="_blank" rel="noreferrer noopener">pro-crypto stance</a> fueled optimism, which took Bitcoin to a record $99,635. Solana followed the trend and rose to its all-time high in the month. Notably, the GMCI 30 index, which measures the top 30 coins, rose by 62.3% in the month.</p>   
<p>Continuing the positive movement, SEC Chairman Gary Gensler's resignation raised the possibility of a change in regulation. Some within the crypto industry celebrated his departure, seeing it as a chance for better regulation from a more balanced oversight.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-etfs-and-institutional-inflows-nbsp"><strong>Bitcoin ETFs and Institutional Inflows&nbsp;</strong></h2>   
<p>In November, record inflows into <a href="https://cryptonewsland.com/bitcoin-etfs-attract-30-7-billion-since-january-launch-in-strong-investor-push/" target="_blank" rel="noreferrer noopener sponsored nofollow">Bitcoin ETFs</a> in the United States reached $6.4 Billion. The leading funds were BlackRock’s iShares Bitcoin Trust ETF, which claimed nearly $5.6 billion of the total sum. Other participants were Fidelity’s BTC-linked offering, the Wise Origin Bitcoin Fund, Grayscale’s Bitcoin Mini Trust ETF, and VanEck’s Bitcoin ETF.</p>   
<p>Even so, some ETFs witnessed a decline in assets under management, with Grayscale’s Bitcoin Trust ETF leading with $364 million outflows. However, the net fund inflow continued the bullish trend because institutional and retail investors continued to buy bitcoins, which increased their prices.</p>   
<p>The Crypto Fear &amp; Greed Index, which indicates optimism, increased to a yearly high of 92 in late November. Pundits predicted that fresh investment and strong fundamentals continued to propel the upswing as Bitcoin advanced to its next key levels.</p> 
<p>The post <a href="https://cryptonewsland.com/cryptocurrency-trading-volumes-soar-to-2-71-trillion-in-november-2024/">Cryptocurrency Trading Volumes Soar to $2.71 Trillion in November 2024</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Cryptocurrency Trading Volumes Soar to $2.71 Trillion in November 2024

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