November 2024 marked a significant milestone for the cryptocurrency market, as monthly exchange volumes rose to $2.9 trillion, the highest since May 2021. This increase in activity was driven by several key factors, including political events and favorable regulatory changes.
Binance Leads the Charge
Binance, the world’s largest cryptocurrency exchange, processed $1.05 trillion in trading volume in November, accounting for about 36% of the total monthly volume. Following Binance were major players like Crypto.com, Upbit, and Bybit, each exceeding $200 billion in monthly volume.
Record-Breaking Futures Trading
Futures trading saw remarkable growth. Bitcoin futures reached a record high of $2.59 trillion, while Ethereum futures surged to $1.28 trillion. These are the highest figures seen in over three years.
The Key Drivers: Politics and Regulations
The key driver behind the surge in trading volumes was the reelection of Donald Trump as U.S. President on November 5, known for his favorable stance towards cryptocurrencies. Macroeconomic conditions, such as the U.S. Federal Reserve's decision to cut interest rates, also played a role.
The cryptocurrency market is experiencing growth driven by various factors, evidenced by the substantial increase in trading volumes and market activity in November 2024.
