Bitcoin’s
(BTC) rise to 19-month highs in November caused retail investors to trade
cryptocurrencies much more eagerly last month. This translated into the spot
volumes of major crypto exchanges, which grew by 58% to the highest levels in
eight months.
Data from Finance
Magnates Intelligence shows a month-over-month (MoM) jump in total trading
volume from $424 billion to $671 billion. Despite this robust monthly
performance, the figures fell short by 15% compared to the $787 billion
reported in November 2022.
Following
an above-average October for cryptocurrencies , expectations were high for
November, and the market did not disappoint. Bitcoin climbed an additional 9%,
closing the month at $38,000, its highest since May 2022.
The upbeat
mood and evident uptrend in the crypto market led to some exchanges
experiencing monthly volume increases of up to 100%. OKX’s November figures
soared by 93% to $60.3 billion, and KuCoin’s volumes surged by 109% to $27.5
billion.
“Trading
activity on centralized exchanges continues to benefit from the positive
sentiment in the market as we approach the deadline for the spot Bitcoin ETF
decision,” commented CCData in their crypto volumes report.
Binance Remains the Leader
Market
leaders also experienced significant growth, with Binance continuing to
dominate the market share (46%). The exchange’s volume reached $512 billion, a
54% MoM increase, although…
