Crypto Market Achieves Record $2.71 Trillion Trading Volume in November
In November 2024, the crypto market recorded a significant rally. According to data from The Block, the market achieved a $2.71 trillion trade volume on centralized exchanges, the highest since May 2021 and double October’s $1.14 trillion.
This resurgence in trading volume has sparked renewed optimism in the financial sector, emphasizing the attractiveness of digital assets. Political developments, market rallies, and regulatory shifts characterized the month.
Binance’s Dominance and Global Trading Surge
Central to November’s surge was Binance, processing $986 billion, accounting for 36% of total trade volume. Other exchanges like Crypto.com, Upbit, and Bybit also performed well, each exceeding $200 billion.
The trading activity experienced a global boom, indicating a return to crypto's golden era. In the derivatives market, Bitcoin futures traded at $2.59 trillion and Ethereum futures at $1.28 trillion, both reaching three-year highs.
Political events also influenced the market; Donald Trump's reelection as US President fostered optimism due to his pro-crypto stance. Bitcoin (#BTC) surged to an all-time high of $99,635, with other cryptocurrencies like Solana peaking on November 21.
The GMCI 30 index, tracking the top 30 cryptocurrencies, posted a 62.3% gain during the month, reflecting a market revival.
Regulatory Changes: Gensler’s Departure and Market Sentiment
The anticipated exit of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, criticized for his strict regulatory approach, contributed to bullish sentiment. His resignation is expected on January 20, coinciding with Trump’s inauguration.
November 2024 marked a historic moment with record-breaking statistics and transformative impacts on crypto's appeal. The combination of political support, market enthusiasm, and regulatory changes signals a new era in digital finance.
Despite concerns about the sustainability of this growth, cryptocurrency remains central to financial discussions, attracting interest from traditional institutions.