- Binance processes $986B, controlling 36% of November’s $2.71T crypto trading volume.
- Bitcoin ETFs see $6.4B inflow, fueling a major market rally in November 2024.
- Trump’s reelection boosts Bitcoin to $99,635, marking a new all-time high.
Global spot trading volume in the cryptocurrency market reached $2.71 trillion in November 2024, showing a revival. This level is the highest since May this year and marked a staggering rise from October’s $1.14 trillion, based on data from The Block. The increase in trading volume coincided with overall market momentum, which focused on key events, political events, and changes in regulatory management.
Binance Leads as Trading Volumes Double Globally
Binance continues to be the leader in the cryptocurrency market, with trading volumes of $986 billion and a market share of 36%. Other major exchanges also reported notable performances for instance Crypto.com and Upbit exceeded $200 billion in monthly trade volumes, while Bybit was not far behind.
Additionally, Other futures markets, such as those for Bitcoin and Ethereum, registered higher growth rates. The trading volume in Bitcoin futures stood at $2.59 trillion, while Ethereum futures were $1.28 trillion. Each of the two indicators has peaked in the past two years. Experts said the increase is due to better market conditions and positive macroeconomic factors.
Political and Regulatory Changes Bolster Crypto Sentiment
The rally in the crypto market can be attributed to many factors, including Donald Trump’s re-election as the US President. Trump’s pro-crypto stance fueled optimism, which took Bitcoin to a record $99,635. Solana followed the trend and rose to its all-time high in the month. Notably, the GMCI 30 index, which measures the top 30 coins, rose by 62.3% in the month.
Continuing the positive movement, SEC Chairman Gary Gensler’s resignation raised the possibility of a change in regulation. Some within the crypto industry celebrated his departure, seeing it as a chance for better regulation from a more balanced oversight.
Bitcoin ETFs and Institutional Inflows
In November, record inflows into Bitcoin ETFs in the United States reached $6.4 Billion. The leading funds were BlackRock’s iShares Bitcoin Trust ETF, which claimed nearly $5.6 billion of the total sum. Other participants were Fidelity’s BTC-linked offering, the Wise Origin Bitcoin Fund, Grayscale’s Bitcoin Mini Trust ETF, and VanEck’s Bitcoin ETF.
Even so, some ETFs witnessed a decline in assets under management, with Grayscale’s Bitcoin Trust ETF leading with $364 million outflows. However, the net fund inflow continued the bullish trend because institutional and retail investors continued to buy bitcoins, which increased their prices.
The Crypto Fear & Greed Index, which indicates optimism, increased to a yearly high of 92 in late November. Pundits predicted that fresh investment and strong fundamentals continued to propel the upswing as Bitcoin advanced to its next key levels.
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