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Cryptocurrency Exchanges Hit $10 Trillion in November Trading, Setting New Records

Daniel Kim Views  

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Blockchain media outlet Intel Corporation reported on Wednesday that cryptocurrency centralized exchanges (CEX) saw unprecedented trading volumes last month, surpassing $10 trillion.

According to CC Data, trading volumes on CEXs in November exceeded $10 trillion across spot and derivatives markets, doubling the figures from the previous month.

The surge was particularly notable in the spot market, which saw a 130% increase to $3.4 trillion. Cryptocurrency derivatives also experienced a sharp uptick, with volumes climbing nearly 90% from October.

CC Data reported that several major spot exchanges, including Upbit, Bybit, Crypto.com, and Gate.io, experienced record-breaking monthly trading volumes on their platforms. They attributed this surge to shifting market sentiment surrounding the U.S. presidential election and positive momentum in digital asset prices.

The report further noted that investors and traders are scrambling to capitalize on the bullish trends in digital assets, driven by optimism in the industry about a more favorable regulatory landscape under the new administration.

Cryptocurrency assets rallied significantly in November following Donald Trump’s landslide victory in the presidential election, which fueled expectations of a crypto-friendly policy shift in the U.S.

Introducing options on Bitcoin exchange-traded funds (ETFs) is expected to boost further trading of cryptocurrency derivatives. Following the SEC’s approval in September, major exchanges like the NYSE and Nasdaq began listing options on BTC ETFs in November.

Daniel Kim
content@viewusglobal.com

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