During November 2023, the cryptocurrency trading landscape experienced a notable boom, revealing interesting dynamics on the market’s leading exchanges platforms.
According to CCData’s latest Exchange Review report, this month marked a milestone with significant growth in digital asset trading volumes.
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In November:
🔹CEX spot & derivative volumes hit a high since Mar'23
🔹Binance's market share dips despite higher volumes
🔹Spot & derivatives volume on @OKX & @Official_Upbit market rose 58.0% & 45.5% to $731bn & $431bnhttps://t.co/9kq6nCP6gd— CCData (@CCData_io) December 6, 2023
The data collected revealed that the combined volumes of spot and derivatives trading on centralized exchanges reached a staggering total of $3.61 trillion.
This milestone represents an increase of 40.7% compared to previous months, positioning itself as the highest since March 2023.
This rise was driven by the bullish behavior of major cryptocurrencies, particularly Bitcoin and Ethereum, which reached new yearly highs.
THE EXPECTATION OF A POTENTIAL BITCOIN ETF EARLY NEXT YEAR FURTHER FUELED THIS POSITIVE SENTIMENT ON EXCHANGES
Regarding the breakdown of operations, significant growth was highlighted in both spot and derivatives trading.
Centralized exchanges saw a 52.8% increase in spot trading volumes, totaling $965.8 billion.
Derivatives, for their part, registered a growth of 37.3%, reaching $2.58 billion.
Despite this increase, the market share of derivatives decreased to 73.3%, its lowest level since March 2023.
Meanwhile, on the exchange front, Binance’s market share continued its decline despite a 34.2% increase in its combined spot and derivatives trading volumes.
In contrast, OKX and Upbit marked a milestone by experiencing increases of 58.0% and 45.5% respectively in their combined volumes, reaching record figures of $731 billion and $431 billion.
CCData’s detailed analysis highlights the growing activity in the cryptocurrency market in November 2023, showing notable changes in trading volumes and competitive dynamics between major exchange platforms.
These findings reflect a bullish trend in a period of great excitement and interest in the cryptocurrency space.
