Key Takeaways
- Spot crypto trading volume surged to $2.7 trillion in November.
- Binance accounted for 36% of November's trading activity.
- Bitcoin hit $99,635 after Trump's reelection on November 6.
Spot trading volume across global crypto exchanges skyrocketed to $2.71 trillion in November, marking the highest monthly total since May 2021.
This represents a significant leap from October’s $1.14 trillion, according to data from The Block.
Binance dominates
Binance dominated the market with $986 billion in trading volume, accounting for 36% of November’s total.
Other exchanges like Crypto.com, Upbit, and Bybit also posted robust activity, each exceeding $200 billion in volume.
Bitcoin and Ethereum futures
The surge in trading extended to Bitcoin and Ethereum futures, which reached $2.59 trillion and $1.28 trillion, respectively. These levels also marked a return to highs last seen in May 2021.
Bitcoin rally
November’s rally was largely driven by the reelection of pro-Bitcoin Republican Donald Trump as U.S. President on November 6.
The departure of SEC Chair Gary Gensler, seen as a staunch Bitcoin critic, also boosted market sentiment.
November’s performance underscores a renewed optimism in Bitcoin markets, driven by a combination of political and regulatory shifts.
