Binance Report: Bitcoin Rally and Ethereum 2.0 Drive Record Trading Activity

Bitcoin rose to a new all-time high on the spot market, and the launch of Ethereum 2.0’s zero phase on December 1 led to a record monthly trading volume on Binance since the platform’s inception, according to the company’s report.

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On November 26, Binance Futures’ derivatives unit recorded the highest-ever daily trading volume of $37 billion. The platform’s total turnover in November was $450 billion.

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Trading activity was boosted by Bitcoin hitting a new all-time high on the spot market. During November the leading cryptocurrency rose by almost 40%, and its market capitalization topped $350 billion, according to CoinGecko.

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Trading volume dynamics on Binance Futures. Data: Binance.

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As Bitcoin neared $20,000, aggregate open interest (OI) in options reached a record $2.6 billion. The average OI in November rose 58% to $1.9 billion from $1.2 billion in October.

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Open interest dynamics on Binance Futures. Data: Binance.

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If in the first half of November market participants focused mainly on Bitcoin futures, which accounted for 60% of total trading volume, the second half shifted to altcoins.

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This could have been driven by the hype ahead of the launch of the zero phase of ETH2. The second-largest cryptocurrency by market capitalization rose 59% in November.

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Trading volume split between Bitcoin and altcoins on Binance Futures. Data: Binance.

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Binance announced the launch of Ethereum 2.0 staking. The platform opened access to the service on December 2.

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The launch of the zero phase of Ethereum 2.0: what will happen and what users can expect

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The head of Binance, Changpeng Zhao, entered Bloomberg’s top 50 global icons and innovators.

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