December Sees Record $326 Billion in DEX Trading Volume
The cryptocurrency market is concluding 2024 positively, with decentralized exchanges (DEXs) achieving a record trading volume in December. DEXs processed $326 billion in trades, surpassing the previous all-time high of $299.6 billion recorded in November.
Uniswap led the trading activity, handling over $105 billion and securing a 32.2% market share. PancakeSwap followed with $72.31 billion (22.16%), while Raydium contributed $56.46 billion (17.3%). Other exchanges like Aerodrome and Curve collectively added around $50 billion.
Data indicates that over 60% of new crypto wallets were created in emerging markets this year, highlighting the demand for decentralized financial solutions in areas with limited access to traditional banking.
CEX Volume Also Soars
Centralized exchanges (CEXs) also experienced significant trading activity, with December's spot trading volume reaching $2.78 trillion, the highest since May 2021. Binance led with $961 billion (34% of total volume), followed by Crypto.com with $305.47 billion (10.83%). Other notable exchanges like Upbit, Bybit, and Coinbase processed substantial trade volumes as well.
Crypto Market Resilient
This surge in trading volume occurred despite a slight downturn after Bitcoin's all-time high of $108,000 in mid-December. Bitcoin currently trades around $93,700, while Ether remains above $3,400. The overall cryptocurrency market cap is $3.29 trillion.
Analysts attribute this increase to heightened volatility, improved blockchain infrastructure, and regulatory optimism in the United States, contributing to confidence in decentralized trading.
The potential for regulatory clarity, supported by crypto-friendly candidates gaining congressional seats, is expected to foster a more favorable environment for cryptocurrency innovation and adoption in 2025.
In 2024, regulatory clarity for spot Bitcoin and Ether ETFs has emerged, with Bitcoin ETFs attracting $35.66 billion in net inflows and Ether ETFs recording $2.68 billion since their January launch. Many anticipate these figures represent just the start, with institutional demand projected to rise significantly in the coming years.
As 2025 approaches, the market appears set for further growth, driven by an expanding base of institutional and retail participants.