Crypto spot trading volume exploded 141% in November

Average crypto trading volume more than doubled in November on centralized exchanges such as Binance, Kraken, and Coinbase.

Following the re-election of Donald Trump, data revealed a significant increase in crypto spot and derivatives trading volumes across various digital asset platforms. South Korea’s Upbit was last month’s top performer, with a 386% increase in crypto spot trading volume. BitMart and Bitfinex also saw significant growth, recording increases of 242% and 218% respectively.

Binance’s trading volume increased 131% in November to nearly $1 trillion, while Coinbase nearly tripled its spot trading numbers with a 189% increase in user activity. Website traffic also showed retail demand returning, with Crypto.com, Coinbase and Upbit experiencing traffic increases of over 82%.

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, have seen a threefold increase in perpetual contract trading on platforms such as MEXC, Kraken and Deribit, the top five derivatives exchanges according to CoinMarketCap.

Top 10 crypto derivatives exchanges – December 11 | Source: CoinMarketCap

Confirmed increases in crypto spot trading, digital asset derivatives volume, and exchange website traffic confirm the visible bullish momentum recorded after the US general election. Renewed crypto trading has led to massive capital inflows in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Binance Coin (BNB), to name a few.

Stablecoin circulating supply has surpassed $200 billion as demand for fiat-stabilized tokens issued by firms such as Tether (USDT) and Circle (USDC) has increased.

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