Crypto Market Reaches $2.71 Trillion in November Trading Volume, Highest Since 2021

Crypto Market Sees Massive Growth in November with $2.71 Trillion in Volume

Crypto Market – November 2024 was a monumental month for the cryptocurrency market, with total monthly trade volume across spot exchanges reaching an astonishing $2.71 trillion—the highest level since May 2021. This marks a more than two-fold increase from October’s $1.14 trillion in trading volume, reflecting the growing momentum in the market.

Binance Leads the Charge with $986 Billion in November Trading Volume

According to data from The Block, Binance accounted for nearly 36% of the total trading volume, processing over $986 billion in November. Other major exchanges followed suit, with Crypto.com, Upbit, and Bybit each recording monthly volumes exceeding $200 billion. This surge in trading activity was observed across all global regions, signaling a widespread return of investor confidence.

Record-Breaking Bitcoin and Ethereum Futures

November also saw record-breaking trading volumes in Bitcoin (BTC) and Ethereum (ETH) futures. Bitcoin futures reached a staggering $2.59 trillion, while Ethereum futures surpassed $1.28 trillion. Both of these figures marked the highest trading volumes since May 2021, illustrating the continued growth in demand for crypto derivatives.

Trump’s Reelection Fuels Market Rally

The broader crypto market rally was further fueled by the reelection of pro-crypto Republican Donald Trump as U.S. President on November 6. Following Trump’s victory, Bitcoin reached an all-time high of $99,635, while Solana surged to a new record on November 21. The GMCI 30 Index, which tracks the performance of the top 30 cryptocurrencies, saw a remarkable 62.3% increase during the month, underscoring the bullish sentiment across the market.

SEC Chair Departure Sparks Optimism

November also witnessed the departure of SEC Chair Gary Gensler, a move that was welcomed by many in the crypto industry. Gensler’s regulatory approach had been viewed as overly aggressive, and his exit sparked optimism among crypto enthusiasts.

Bullish Market Sentiment Continues

Augustine Fan, head of insights at SOFA.org, commented that the rally has been largely concentrated in the “majors,” with Bitcoin (BTC) leading the way. “Crypto bullishness remains pervasive across the board,” he added, reflecting the overall positive sentiment in the market.

Disclaimer: This website’s content is for informational purposes only and does not constitute financial advice, with all cryptocurrency purchases carrying inherent risks.