Donald Trump

President Donald Trump

Spot

<p>November 2024 marked a milestone for the cryptocurrency market, with monthly exchange volumes soaring to $2.9 trillion as of Nov. 24, according to <a href="https://newhedge.io/terminal/bitcoin/monthly-exchange-volume">newhedge data</a>. This surge in activity was the highest since May 2021 and was reportedly driven by several key factors, including political events, favorable regulatory outlooks, and a global uptick in investor confidence.&nbsp;</p>
<p>Spot trading alone accounted for the bulk of the volume, while futures trading for major cryptocurrencies like Bitcoin and Ethereum also saw significant growth.</p>
<h2 id="binance-leads-the-charge">Binance Leads the Charge</h2>
<p>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.</p>
<p>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.</p>
<h2 id="record-breaking-futures-trading">Record-Breaking Futures Trading</h2>
<p>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.&nbsp;</p>
<p>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.</p>
<h2 id="the-key-drivers-politics-and-regulations">The Key Drivers: Politics and Regulations</h2>
<p>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.&nbsp;</p>
<p>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.</p>
<p>The cryptocurrency market saw a remarkable resurgence throughout November. Bitcoin, the flagship cryptocurrency, reached a new all-time <a href="https://coinmarketcap.com/currencies/bitcoin/">high of $99,635</a>. This growth was not confined to Bitcoin and Ethereum alone; other cryptocurrencies in the top 30, tracked by the GMCI 30 index, gained an average of 62.3% during the month</p>

Crypto Exchange Volume Hits $2.9T in November, Highest Since May 2021

Table of Contents

BSCN

Other articles published on Dec 20, 2024

Litecoin: 78% of LTC Holders Refuse to Sell, Here's Likely Reason

Didn’t Bag Pepe Coin in Infancy? Here’s Why This Best New Meme Coin Presale Could Be Your Ticket ...

Qubetics Surpasses $7.2M In Presale, Polkadot Slips, XRP Gains With RLUSD Launch – Best Coins for...

SushiSwap Unveils Ambitious 2025 Product Launches, Expanding DeFi Ecosystem

UNIT0 Token Price Soars 28%: Is It a Good Buy During the Crypto Slump?

BTC Price: More Shorts Than Longs, Bitcoin Short Squeeze Ahead?

Join our free newsletter for daily crypto updates!