Crypto Trading Volume Sees Significant Surge Across Centralized Exchanges

Average crypto trading volume has more than doubled across centralized exchanges like Binance, Kraken, and Coinbase in November. This comes after the U.S. general elections, which saw a significant surge in crypto spot and derivative trading volumes on several digital asset platforms.

Top Performers in November

South Korea’s Upbit emerged as the top performer, with a 386% increase in crypto spot trading volume. BitMart and Bitfinex also saw substantial growth, recording increases of 242% and 218%, respectively. Binance’s trading volume grew by 131%, reaching nearly $1 trillion in November, while Coinbase nearly tripled its spot trading numbers with a 189% spike in user activity.

Website traffic further indicated a return of retail demand, with Crypto.com, Coinbase, and Upbit experiencing traffic increases of over 82%.

Derivatives Trading Sees Threefold Increase

In November, professional traders and speculators poured more capital into derivatives than in October. Derivatives, which are financial products based on the value of other assets, saw a threefold increase in perpetual contract trading on platforms like MEXC, Kraken, and Deribit.

Bullish Momentum in Crypto Market

Confirmed increments in crypto spot trading, digital asset derivatives volume, and exchange website traffic affirmed the palpable bullish momentum noted after the U.S. general elections. Renewed crypto trading translated to huge capital inflows in crypto majors like Bitcoin, Ethereum, Solana, Ripple, and Binance Coin.

Stablecoin Circulating Supply Crosses $200 Billion

Stablecoin circulating supply crossed $200 billion, grown by demand for fiat-pegged tokens issued by firms like Tether and Circle.

Total Crypto Market Reaches New Heights

The total crypto market rose above $3.2 trillion for the first time last month as Bitcoin broke into the six-figure club and usurped legacy assets like Silver. Crypto markets were undaunted by profit-taking after Bitcoin hit a new all-time high in early December. Indeed, the total digital asset market settled at around $3.6 trillion amid broad cryptocurrency recoveries.

For more news and updates on the crypto market, visit Global Crypto News.

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