Trading Volume in Cryptocurrency Hit a Record $10 Trillion in November, Reports BNN Bloomberg

(Bloomberg) — In an unprecedented surge, cryptocurrency trading volumes hit a record peak in November, surpassing $10 trillion for the first time ever on centralized exchanges dealing in spot and derivatives. 

Volume more than doubled from the previous month, CCData’s compilation of data shows. The crypto markets experienced a significant boost, driven by hope for regulation that might be more welcoming with the Trump administration at the helm. Bitcoin, a leading indicator in the market, soared by 38%, touching a new zenith close to $100,000. 

“The positive outlook is reflected in the robust demand for cryptocurrencies like Ripple, which has often been under stringent regulatory review,” remarked Jacob Joseph, a senior research analyst at CCData. “Enthusiasm is palpable among institutional players too, as evidenced by the substantial growth in CME trading volumes and the notable influx for spot Bitcoin ETFs over the course of the previous month.”

The monthly trading volume for spot transactions on centralized exchanges saw a sharp 128% increase to $3.43 trillion, just shy of the record established in May 2021. Derivative trades saw an 89% increase, reaching $6.99 trillion, thus breaking the former record set in March, based on CCData’s statistics. Volume from decentralized finance platforms is not accounted for in these figures. 

Korean exchanges, such as Upbit, witnessed exceptional engagement as investors flocked towards alternative cryptocurrencies. In addition, the CME’s aggregate trade volume jumped by 83% to $245 billion, marking a historic high for this institutional platform known for its crypto futures.

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