Spot cryptocurrency trading reached new highs in November, with monthly trading volume on exchanges reaching $2.71 trillion, the highest level since May 2021.
November Records
This figure was more than double the $1.14 trillion volume in October, underscoring the revival in market activity.
Key Players
Data revealed that Binance traded over $986 billion, accounting for around 36% of November volume. Other major players include Crypto.com, Upbit, and Bybit, each surpassing $200 billion in monthly trading volume.
Growth Catalysts
The record-breaking activity comes after pro-crypto Republican Donald Trump was re-elected as US President on November 6. His victory sparked optimism in the crypto market, with Bitcoin surpassing its previous all-time high to reach $99,635. Solana also hit a new record high, with the GMCI 30 index tracking the top 30 cryptocurrencies rising 62.3% in November.
The record trading volumes in November reflect a global increase in market activity, indicating a potential continuation of recovery in the cryptocurrency market.
