Spot trading alone accounted for the bulk of the volume, while futures trading for major cryptocurrencies like Bitcoin and Ethereum also saw significant growth.
Binance Leads the Charge
Binance, the world’s largest cryptocurrency exchange, continued to dominate the market in November. The exchange processed $1.05 trillion in trading volume, accounting for about 36% of the total volume for the month. This massive contribution to the market was followed by other significant players, such as Crypto.com, Upbit, and Bybit. Each of these exchanges surpassed $200 billion in monthly volume.
While Binance remained the top performer, the overall increase in trading activity was global. Data showed that trading activity spiked across all regions, highlighting the worldwide nature of the crypto boom.
Record-Breaking Futures Trading
Futures trading volumes also saw an impressive uptick. Bitcoin futures reached a record high of $2.59 trillion, while Ethereum futures surged to $1.28 trillion. These figures were the highest seen in over three years, indicating rising levels of investor engagement and the increasing participation of large financial institutions in the digital asset space.
Solana, which has gained significant traction in recent months, also saw a substantial boost in its trading volumes, with a new peak recorded on November 21.
The Key Drivers: Politics and Regulations
A major catalyst for the surge in trading volume was the reelection of U.S. President Donald Trump on November 5. Known for his pro-crypto stance, Trump's victory fueled optimism among crypto investors.
In addition to political changes and regulatory shifts, macroeconomic conditions also played a role in driving Bitcoin's price higher. The U.S. Federal Reserve’s decision to cut interest rates after a prolonged period of tightening was seen as a factor contributing to the rally.