Trading volume across cryptocurrency exchanges in November totaled $272 billion, the third-largest on record after December 2017 and January 2018, when turnover over the two months held at $307 billion.
Source: CryptoCompare.
Binance led the field, accounting for $176 billion in November, the highest figure in the platform’s history. Its share of the total stood at 64.7%.
The top three also included Coinbase and Kraken — their November turnover was $29 billion (10.6%) and $16 billion (5.9%), respectively, underscoring strong investor interest in cryptocurrencies in the United States.
Trading on decentralized exchanges (DEX) continued to decline in November, reaching $17.07 billion. The drop from September’s $26.26 billion amounted to 35%.
Uniswap accounted for 54.8% of trading activity. The runner-up was the competing platform Sushiswap. This was largely driven by the early-month termination of the UNI mining program through liquidity provision on Uniswap.
Source: CryptoCompare.
Bitcoin and Ethereum gains in November were accompanied by record activity in the derivatives market. Futures trading volumes hit new highs of $69 billion for bitcoin-based contracts and $23 billion for Ethereum, surpassing the daily turnover seen during the March market crash.
Source: CryptoCompare.
Trading activity also rose in the options market. Ethereum options contracts exceeded $100 million for the first time by month’s end, while Bitcoin options reached $800 million, up roughly threefold on average.
Source: CryptoCompare.
Earlier Arcane Research analysts determined that the daily turnover of crypto exchanges in November surpassed the levels seen during the March market crash.
Follow ForkLog on Facebook!