Originally published on: December 04, 2024
In an unprecedented surge, centralized cryptocurrency exchanges (CEXs) experienced record-breaking trading volumes in November, surpassing $10 trillion across spot and derivatives markets, as per a recent report by CCData, a renowned crypto researcher.
The month of November witnessed history with trading volumes breaching the $10 trillion mark for the first time ever, showcasing an impressive 100% increase from the previous month, states CCData.
The report attributes this surge in activity to a notable shift in market sentiment following the U.S. presidential election earlier in the month. The victory of Donald Trump ignited optimism for a pro-crypto policy overhaul, leading to substantial gains in the crypto market.
Investors and traders eagerly capitalized on the positive price movements of digital assets, with high hopes for a more accommodating regulatory environment under the new administration, reveals the report.
CCData highlights that the surge was particularly pronounced in spot crypto markets, recording a nearly 130% increase in monthly volumes to over $3.4 trillion. Exchanges like Upbit, Bybit, Crypto.com, Gate.io, and Bullish stood out, setting new all-time high records for monthly trading volumes on their platforms.
Noteworthy gains were also observed in crypto derivatives markets, with volumes soaring by nearly 90% month-over-month to reach almost $7 trillion. The launch of Arkham’s digital assets derivatives exchange further added to the escalating trading volumes, providing enhanced opportunities for retail traders.
Looking ahead, the anticipated listing of options on Bitcoin exchange-traded funds (ETFs) on various exchanges, including the NYSE and Nasdaq, is expected to drive even higher volumes in the crypto derivatives market. Investment managers foresee the entrance of spot BTC ETF options in the U.S. market to accelerate institutional adoption of Bitcoin and potentially unlock significant upside for investors.
Options contracts, offering the right to buy or sell an underlying asset at a predetermined price, are poised to play a pivotal role in shaping the future landscape of crypto trading and investment.
With the crypto market hitting historic highs and novel developments on the horizon, it’s an exciting time for traders and investors to explore the vast opportunities within the evolving digital asset space. Subscribe to our newsletter for more insightful content on market trends and investment strategies to stay ahead of the curve.