Cryptocurrency trading volumes soared to an unprecedented $10 trillion in November, the highest ever recorded on centralized spot and derivatives exchanges, Bloomberg reports. The surge, driven by optimism about a more favorable regulatory climate under the newly elected Trump administration, coincided with a 38% increase in Bitcoin's price, which broke the $100,000 mark.
Data from the analytical company CCData showed that the total volume of cryptocurrency trading more than doubled last month. Spot trading on centralized exchanges increased by 128% to $3.43 trillion, the second highest since May 2021. Meanwhile, derivatives trading increased by 89% to $6.99 trillion, breaking the previous record set in March. Notably, these figures do not include volumes from decentralized finance (DeFi) platforms.
South Korean exchanges, including Upbit, have also experienced a surge in trading activity, especially in altcoins. These alternative cryptocurrencies have attracted increased interest as retail and institutional investors have sought to diversify their portfolios amid the overall market upturn.
The market optimism is based on expectations of a more favorable regulatory environment under the Trump administration, as many investors hope for clearer rules and less control over digital assets. Bitcoin's rise to $100,000 has also been a catalyst, boosting sentiment across the market, so trading volume may rise further in December.