Centralized crypto exchanges set a new record for combined trading volumes in spot and derivatives markets in December 2024. According to CCData's latest report, trading activity increased by 7.58%, reaching $11.3 trillion.
Growth in Spot Trading Volumes
Binance maintained its dominance in spot trading, registering a volume of $946 billion, reflecting a slight 0.13% growth. Bybit and Coinbase followed closely with volumes of $247 billion and $191 billion respectively.
Rise in Crypto Derivatives Trading
Crypto derivatives trading saw a significant surge, rising 7.33% to reach $7.58 trillion, marking the highest monthly volume in its history.
Market Impact and Liquidations
CCData also noted an increase in liquidations as traders aimed to capitalize on market volatility. This trading frenzy coincided with Bitcoin’s historic rally, surpassing $100,000 for the first time on December 5 and peaking at $108,249 on December 17. However, a sharp $1 billion liquidation occurred on December 20 following remarks by Federal Reserve Chair Jerome Powell, leading to a 3.5% drop in Bitcoin’s price.
In December 2024, trading on crypto exchanges reached new heights, demonstrating robust activity and growth in both spot and derivatives markets. However, economic factors continue to leave traders cautious in their strategies, reflected in the stability of open interest and the market overall.
