The fact that Bitcoin grew by almost 40% in November had to be reflected in market activity statistics, including spot volumes of major cryptocurrency exchanges. According to the benchmark prepared monthly by Finance Magnates Intelligence, turnover increased by an average of 180% compared to the previous month and year.
Although Bitcoin didn’t cross the psychological barrier of $100,000 in November and only did so today (Thursday), it fell short by just $200 last month. November increased Bitcoin’s value by $26,000 (37%) and sparked a new wave of euphoria in the market, igniting the imagination of analysts and investors, while providing cryptocurrency exchanges with huge injections of new cash and transactions.
“Even with this milestone reached, we’re still reasonably early in this bull market if past years and cycles are anything to go by,” commented Simon Peters, eToro’s crypto analyst. “Historically the peak of the bitcoin bull market has formed 12-18 months after the block reward halving. With the most recent halving having occurred in April 2024, this puts a timeline of the end of 2025 or early 2026 for when the peak of the bull market should occur.”
Trading volumes in November reached $1.9 trillion, approaching the historical highs of March 2024, when they tested $2.1 trillion. As an interesting fact, Binance’s volume alone was $986 billion, which is more than the total spot volume in October 2024 for all ten exchanges analyzed by Finance Magnates Intelligence.
Compared to October, this was a huge jump of 174% (from $820 billion). Looking at the same period in 2023, the appreciation was even stronger at 186% (from $671 billion).
When adding the derivatives volume to the equation, we get a new all-time highs of cryptocurrency trading activity, according to the newest CCData report.
“In November, trading activity on centralized exchanges reached new heights, with combined spot and derivatives volumes surging 101% to $10.4tn. This marks a new milestone for the digital asset industry, as it is the first time centralized exchange volumes have exceeded the $10tn mark,” CCData commented.
Upbit Jumps to the Podium with 400% Gain
Although all exchanges reported very strong increases on a monthly and annual basis, Upbit is undoubtedly the leader in this case, increasing its turnover by 386% month-to-month. In October, it was just over $48 billion, and in November, it rose to $234 billion. Thanks to this, the exchange ranked second in our ranking, surpassing ByBit.
Currently, the third-ranked exchange had been posting record increases for many months, but saturation has occurred. Its current percentage jump from month to month was “only” 73%, from $123 to $214 billion. In annual terms, however, it was still a staggering 274%.
Bitstamp also recorded a similarly high annual change, with volumes growing by 284% from less than $5 billion in November 2023 to $13.8 billion currently.
“On November 12th, aggregate daily spot trading volume hit $221bn – a new high for daily trading activity on digital asset centralized exchanges. Several spot exchanges including Upbit, Bybit, Crypto.com, Gate.io,” CCData added.
Binance’s Dominant Position Unchanged
Although spot volume values change dynamically from month to month, one thing remains constant: Binance’s dominant position in the ranking.
For another consecutive month, its market share in the Top 10 exchanges in terms of volumes remains around 50%. Upbit and Bybit are close to each other in second and third place (11-12%). Coinbase ranked fourth with 9%, while OKX placed fifth with an 8% share.
