Bitcoin Breaks Barriers: Crypto Exchanges Volumes Soar to 8-Month High

<p>Bitcoin's
(BTC) rise to 19-month highs in November caused retail investors to trade
cryptocurrencies much more eagerly last month. This translated into the spot
volumes of major crypto exchanges, which grew by 58% to the highest levels in
eight months.</p><p>Data from Finance
Magnates Intelligence shows a month-over-month (MoM) jump in total trading
volume from $424 billion to $671 billion. Despite this robust monthly
performance, the figures fell short by 15% compared to the $787 billion
reported in November 2022.</p><p>Crypto Volumes Soar in
November</p><p>Following
an <a href="https://www.financemagnates.com/cryptocurrency/bitcoin-hits-17-month-high-fueling-investor-greed-and-fomo/" target="_blank" rel="follow">above-average October</a> for <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a>, expectations were high for
November, and the market did not disappoint. Bitcoin climbed an additional 9%,
closing the month at $38,000, its highest since May 2022. </p><p>The upbeat
mood and evident uptrend in the crypto market led to some exchanges
<a href="https://www.financemagnates.com/cryptocurrency/uptober-takes-crypto-exchanges-to-new-heights-best-in-4-years/" target="_blank" rel="follow">experiencing monthly volume increases</a> of up to 100%. OKX's November figures
soared by 93% to $60.3 billion, and KuCoin's volumes surged by 109% to $27.5
billion.</p><p>"Trading
activity on centralized exchanges continues to benefit from the positive
sentiment in the market as we approach the deadline for the spot Bitcoin ETF
decision," commented CCData in their crypto volumes report.</p><p>Binance Remains the Leader</p><p>Market
leaders also experienced significant growth, with <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance continuing to
dominate</a> the market share (46%). The exchange's volume reached $512 billion, a
54% MoM increase, although it marked a 39% year-over-year (YoY) decline.</p><p>Upbit took
second place with a volume 50% higher MoM and 45% YoY at $91 billion, while
OKX, with over $60 billion, moved up to third place, surpassing ByBit. Coinbase
and Huobi rounded out the top five, with volumes of $50 billion and $46
billion, respectively, both registering approximately 55% MoM increases.</p><p>Some
positions were also changed at the lower end of the list. A 28% volume increase
allowed Bitfinex to overtake Bitstamp, whose November performance was
marginally lower by $300 million.</p><p>Best Crypto Volumes Since
March 2023</p><p>According
to CCData, the total spot volume for all cryptocurrency exchanges and
the top 10 analyzed by Finance Magnates reached its highest level since
March 2023. </p><p>"The
market benefitted from the settlement of US charges by Binance as it minimizes
further systemic risk in the industry," the company added.</p><p>Significant
changes also occurred in crypto derivative trading volumes, with trading on the
CME exchange rising 18.4% to $67.9 billion, the highest since November 2021.
Consequently, the open interest of BTC futures trading on CME surpassed values
observed on Binance, leading in terms of open interest.</p><p>Although
December has just begun, <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> continues its bold rally, <a href="https://www.financemagnates.com/cryptocurrency/closing-act-bitcoins-2023-finale-and-the-etf-cliffhanger/" target="_blank" rel="follow">adding over 15% to
its value</a> in the last week, testing the area of $45,500. <a href="https://www.financemagnates.com/forex/does-a-santa-rally-happen-every-year-in-markets/" target="_blank" rel="follow">If Santa's rally
continues</a>, the volumes of crypto exchanges for the last month of the year
should once again positively surprise.</p>

This article was written by Damian Chmiel at www.financemagnates.com.