The monthly trading volume on spot crypto exchanges reached $2.71 trillion in November, marking the highest level since May 2021, more than double the trading volume of $1.14 trillion in October.
Binance accounted for around 36% of the global trading volume in November, processing over $986 billion. Crypto.com, Upbit, and Bybit followed, with each platform recording trading volumes exceeding $200 billion. Notably, trading volume grew strongly across all global regions, reflecting the market's recovery momentum.
November also saw Bitcoin futures trading volume on exchanges reach $2.59 trillion, while Ethereum futures reached $1.28 trillion. These are the highest figures since May 2021, indicating a significant increase in investment and speculation activities.
The breakthrough growth in the crypto market last month was driven by the re-election victory of crypto-friendly candidate Donald Trump on November 5th. This event triggered a historic price surge across the market.
After Trump's re-election, Bitcoin continuously broke records, reaching a peak of $99,635. Solana also reached a new high on November 21st. The GMCI 30 index, reflecting the performance of the top 30 cryptocurrencies, increased by 62.3% in just one month, indicating widespread optimism.
November also marked an important turning point with the announcement of the resignation of the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. This move was warmly welcomed by the crypto industry, as many believed his approach was too strict and hindered development.
"The current price surge is largely focused on larger assets, with Bitcoin leading the trend. Optimism continues to spread strongly across the market," said Augustine Fan, Head of Information at SOFA.org.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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