November Sees a 141% Surge in Crypto Spot Trading Volume

The trading volume for cryptocurrencies on popular centralized exchanges such as Binance, Kraken, and Coinbase more than doubled in November.

Cryptocurrency trading activity skyrocketed on many digital asset exchanges following the re-election of Donald Trump, with South Korea’s Upbit leading with an impressive 386% rise in crypto spot trading volume. Notable gains were also seen on BitMart and Bitfinex, increasing their volumes by 242% and 218% respectively.

The trading volume on Binance swelled by 131%, nearing the $1 trillion mark in November, as Coinbase experienced a near tripling of its spot trading volume reflecting a 189% growth. These trends were supported by increased website traffic suggesting a resurgence of retail interest – platforms like Crypto.com, Coinbase, and Upbit reported visitor increases exceeding 82%.

In the derivatives market, the month of November saw a significant intensification of trading, with investment from professionals and high-stakes traders. Derivatives trading, especially in perpetual contracts, tripled on exchanges such as MEXC, Kraken, and Deribit—a top-ranked derivatives exchange according to CoinMarketCap.

An observable increase in crypto spot and derivatives trading volumes, alongside an uptick in exchange site traffic, reflect the strong bullish sentiment following the U.S. elections. This increased trading has led to substantial inflows of capital into leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Binance Coin (BNB).

The adoption and circulation of stablecoins surged past the $200 billion mark, driven by the demand for fiat-collateralized tokens from issuers such as Tether (USDT) and Circle (USDC).

For the first time, the total value of the cryptocurrency market eclipsed $3.2 trillion in the past month, with Bitcoin’s price vaulting into six figures and outperforming traditional assets like Silver. The market shrugged off potential impacts from profit-taking following Bitcoin’s new all-time high set in early December, steadying the crypto market valuation at about $3.6 trillion during the wider cryptocurrency market recovery.