Nov marked a milestone in cryptocurrency trading, with monthly exchange volumes soaring to $2.9 trillion, the highest level since May 2021
Author: Sahil Thakur
November marked a milestone in cryptocurrency trading, with monthly exchange volumes soaring to $2.9 trillion, the highest level since May 2021. The surge, attributed to the U.S. election results and growing regulatory clarity, reflects increasing interest in digital assets worldwide.
The U.S. election saw hundreds of pro-crypto candidates win congressional seats, raising expectations for a favorable regulatory environment. Analysts believe these outcomes signal a shift toward clearer and more supportive crypto regulations in a major global market.
“Hundreds of pro-crypto candidates won seats in Congress,” said a New Hedge spokesperson, suggesting this could lead to the most crypto-friendly U.S. government in history. Beyond the U.S., nations introducing regulatory frameworks have contributed to the global rise in crypto adoption.
Exchanges worldwide reported record activity, with Bitcoin leading the charge. Jonathon Miller, Kraken’s managing director for Australia, noted a surge in perpetual contract volumes, particularly in Bitcoin, Dogecoin, and Solana.
“Kraken has experienced a surge in our perpetual contract volumes,” Miller said, highlighting leveraged trading and hedging as key drivers. Dogecoin and Solana perpetual contracts set new monthly all-time highs, fueled by high volatility.
Crypto.com reported November as its strongest month of the year, with 24-hour trading volume for Dogecoin surpassing that of Ethereum for the first time. has been at the forefront of memecoin activity,” said a company spokesperson.
The approval of Bitcoin exchange-traded funds (ETFs) also played a crucial role. Spot Bitcoin ETFs collectively attracted $6.87 billion in inflows during November, bolstering market sentiment and increasing trading activity.
Market participants anticipate continued growth into 2024, citing regulatory clarity and institutional adoption as key factors. The total crypto market capitalization now stands at $3.47 trillion, signaling renewed confidence in the sector.
As trading volumes hit new highs, the data underscores the growing mainstream acceptance of cryptocurrencies and their role in global financial markets.
Src: New Hedge
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