November’s crypto markets witnessed a dramatic resurgence, as average spot trading volumes on major centralized exchanges soared by 141%. This surge followed the re-election of Donald Trump and reinforced the narrative that global events can have a profound impact on investor sentiment and trading behaviors.
Record-Breaking Increases Across the Board
Several top crypto exchanges posted eye-popping growth in November. South Korea’s Upbit topped the charts, registering a remarkable 386% increase in spot trading volumes. BitMart and Bitfinex were not far behind, with monthly growth of 242% and 218% respectively.
Binance, the world’s largest crypto exchange by trading volume, saw its figures swell by 131%, pushing its November volume close to the $1 trillion mark. Coinbase, known for its large U.S. retail customer base, nearly tripled its spot trading figures with a 189% spike. The heightened user activity also translated into surging website traffic on platforms like Crypto.com, Coinbase, and Upbit, each posting traffic gains of over 82%.
Derivatives and Stablecoins Follow Suit
The renewed market enthusiasm wasn’t confined to spot trading. Derivative volumes tripled month-over-month on platforms like MEXC, Kraken, and Deribit, reflecting increased participation from professional traders and speculators. The appetite for perpetual contracts and other derivatives highlighted the market’s robust liquidity and growing sophistication.
Stablecoins also saw significant demand, with the circulating supply surpassing $200 billion. Investors turned to popular dollar-pegged tokens like Tether (USDT) and USD Coin (USDC) as on-ramps into a flourishing digital asset ecosystem.
Broad-Based Rally in Crypto Majors
Bitcoin’s breakout into six-figure territory in early December lifted the entire crypto market, briefly pushing total market capitalization beyond the $3.2 trillion milestone. Major cryptocurrencies such as Ethereum, Solana, Ripple’s XRP, and Binance Coin benefited from surging interest, driving the total digital asset market to around $3.6 trillion—an impressive feat signaling widespread investor confidence.
In short, November’s data tells a clear story: crypto trading volumes, both spot and derivative, have rebounded decisively, supported by global macro events and growing retail and institutional participation. As the market continues to evolve, such surges in volume suggest that cryptocurrencies remain firmly entrenched as a major player in the modern financial landscape.
