November 2024 marked significant growth in the cryptocurrency market, with trading volumes reaching $2.9 trillion.
Binance Leads the Charge
As the world's largest cryptocurrency exchange, Binance processed $1.05 trillion in trading volume in November, accounting for about 36% of the total. Other major players like Crypto.com, Upbit, and Bybit also achieved significant milestones, each exceeding $200 billion in monthly volume. The increase in trading activity was global, highlighting worldwide interest in cryptocurrencies.
Record-Breaking Futures Trading
Futures trading volumes saw an impressive rise. Bitcoin futures reached a record high of $2.59 trillion, while Ethereum futures surged to $1.28 trillion. These figures indicate rising investor engagement and increasing participation from large financial institutions in digital assets.
The Key Drivers: Politics and Regulations
The cryptocurrency market experienced growth in response to political changes. The reelection of U.S. President Donald Trump, known for his pro-crypto stance, served as a major catalyst. Alongside political shifts, the U.S. Federal Reserve's decision to cut interest rates also contributed to positive market sentiment.
The cryptocurrency market in November 2024 showed impressive growth. Major cryptocurrencies reached new heights, driven by global trading activity and favorable political conditions.
