In November, crypto trading volumes surpassed $10 trillion for the first time across the spot and derivatives market. Driven by a rise in market interest after pro-crypto Donald Trump claimed victory in the U.S. presidential election.
According to CCData, spot trading volume surged 128% to $3.43 trillion, while derivatives trading rose 90% to $6.99 trillion, exchanges like Upbit, Bybit, and Crypto.com also reported unparalleled activity.
The crypto surge was in part due to Trump’s victory pushing Bitcoin prices up 42% to $100,000 since the election. Ethereum and other coins also benefit from optimistic trading as well.
The optimism over the coins originated from the optimism of pro-crypto policy under the new Trump administration, especially after he announced a plan to replace SEC Chair Gary Gensler with cryptocurrency advocate Paul Atkins, according to analysts. The move to ease regulation and support growth has bolstered market confidence, industry insiders expected.
Additionally, the volume of crypto options, especially Bitcoin ETF that listed in major exchanges such as NYSE and Nasdaq, also saw a rise as well. BlackRock saw trading activity surged to a record high of nearly $2 billion on the first day of the listing of Bitcoin ETF.
South Korea’s altcoin frenzy also played a role in the global coin trading surge, as trading volume across major exchanges rose nearly 300% from October, hitting $254 billion. This increase that strengthens trading activity across the region came after the South Korean government decided to delay the plan to collect capital gain tax on cryptocurrency trading until 2025.
Arkham has also entered the fray by launching a digital asset derivatives exchange for retail traders, aiming to compete with an established platform like Binance. Meanwhile, other coins such as Solana and Dogecoin also saw their price hit record highs as well. The surge reflects increasing volatility in the market amid rising interest in alternative assets.
The Federal Reserve’s rate cut also supported growth, along with expanding global liquidity that drove capital toward cryptocurrency, as it was perceived as an investment that can resist inflation. This resulted in crypto market capitalization clocking in at $3.47 trillion in early December. Analysts also anticipated continued growth along with the evolving crypto regulation in the U.S. and the global adoption of digital assets.
This optimistic sentiment is expected to remain, with swelling institutional investor participation and more prevalent pro-crypto policy may shape the market direction in the near future.
