The fact that Bitcoin grew by almost 40% in November had to be reflected in market activity statistics, including spot volumes of major cryptocurrency exchanges. According to the benchmark prepared monthly by Finance Magnates Intelligence, turnover increased by an average of 180% compared to the previous month and year.
Bitcoin Unstoppable: $100,000 Mark Reached
Although Bitcoin didn't cross the psychological barrier of $100,000 in November and only did so today (Thursday), it fell short by just $200 last month. November increased Bitcoin's value by $26,000 (37%) and sparked a new wave of euphoria in the market, igniting the imagination of analysts and investors, while providing cryptocurrency exchanges with huge injections of new cash and transactions.
“There were record trading volumes overnight with more than $480 billion traded in 24 hours across the majors,” commented Paul Howard, the Senior Director at Wincent. “There is a strong sentiment that $100,000 is now a new floor with more positive macro news and appointments expected in the coming weeks. Rumours of a $2.4 billion MtGox liquidation were not enough to test the new floor and with $180 billion BTC turnover in the last 24 hours even this upcoming trade may just represent a buying opportunity that does little to dampen price sentiment.”
Trading volumes in November reached $1.9 trillion, approaching the historical highs of March 2024, when they tested $2.1 trillion. As an interesting fact, Binance's volume alone was $986 billion, which is more than the total spot volume in October 2024 for all ten exchanges analyzed by Finance Magnates Intelligence.
Compared to October, this was a huge jump of 174% (from $820 billion). Looking at the same period in 2023, the appreciation was even stronger at 186% (from $671 billion).
When adding the derivatives volume to the equation, we get new all-time highs of cryptocurrency trading activity, according to the newest CCData report.
“In November, trading activity on centralized exchanges reached new heights, with combined spot and derivatives volumes surging 101% to $10.4tn. This marks a new milestone for the digital asset industry, as it is the first time centralized exchange volumes have exceeded the $10tn mark,” CCData commented.
Upbit Jumps to the Podium with 400% Gain
Although all exchanges reported very strong increases on a monthly and annual basis, Upbit is undoubtedly the leader in this case, increasing its turnover by 386% month-to-month. In October, it was just over $48 billion, and in November, it rose to $234 billion. Thanks to this, the exchange ranked second in our ranking, surpassing ByBit.
Currently, the third-ranked exchange has been posting record increases for many months, but saturation has occurred. Its current percentage jump from month to month was “only” 73%, from $123 to $214 billion. In annual terms, however, it was still a staggering 274%.
Bitstamp also recorded a similarly high annual change, with volumes growing by 284% from less than $5 billion in November 2023 to $13.8 billion currently.
“On November 12th, aggregate daily spot trading volume hit $221bn—a new high for daily trading activity on digital asset centralized exchanges. Several spot exchanges including Upbit, Bybit, Crypto.com, Gate.io,” CCData added.
Binance's Dominant Position Unchanged
Although spot volume values change dynamically from month to month, one thing remains constant: Binance'sdominant position in the ranking.
For another consecutive month, its market share in the Top 10 exchanges in terms of volumes remains around 50%. Upbit and Bybit are close to each other in second and third place (11–12%). Coinbase ranked fourth with 9%, while OKX placed fifth with an 8% share.
This article was written by Damian Chmiel at www.financemagnates.com.
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