Crypto Spot Trading Volume Surges by 141% in November

In November, crypto spot trading volumes surged dramatically, rising by 141%, with significant increases observed across major centralized exchanges such as Binance, Kraken, and Coinbase. This surge in trading activity followed the re-election of Donald Trump, which correlated with a noticeable spike in both crypto spot and derivative trading volumes across various digital asset platforms.

Among the platforms, South Korea’s Upbit stood out as the top performer, boasting a massive 386% increase in crypto spot trading volume. BitMart and Bitfinex also saw substantial growth, with increases of 242% and 218%, respectively. Binance’s trading volume grew by 131%, nearing $1 trillion in November, while Coinbase experienced an impressive 189% increase in user activity, nearly tripling its spot trading volume. These changes reflect a resurgence in retail demand, as website traffic to platforms like Binance, Coinbase, and Upbit rose by over 82%.

In addition to the rise in spot trading, there was a marked increase in derivatives trading, with professional traders and speculators investing heavily in these financial products. Platforms like MEXC, Kraken, and Deribit saw a threefold increase in perpetual contract trading, highlighting the growing interest in these products.

This surge in trading activity, both in spot and derivative markets, confirmed the bullish momentum that followed the U.S. general elections. The renewed interest in cryptocurrency translated into significant capital inflows for major cryptocurrencies such as Bitcoin, Ethereum, Solana, Ripple (XRP), and Binance Coin.

The demand for stablecoins also grew substantially, with the circulating supply surpassing $200 billion, driven by increased demand for fiat-pegged tokens like Tether (USDT) and Circle’s USDC.

The total cryptocurrency market capitalization reached over $3.2 trillion for the first time last month, as Bitcoin surpassed the six-figure mark, overtaking traditional assets like silver. Despite some profit-taking following Bitcoin’s all-time high in early December, the overall digital asset market continued to recover, settling around $3.6 trillion. This recovery further solidified the continued momentum within the cryptocurrency space.