The monthly trading volume on the top 15 exchanges increased by 114% on average in November. The November high was almost double the previous high of the year, which dates back to March.
In recent days, CryptoCompare published a report that describes the movements of the major exchanges in the ecosystem. At the same time that the price of Bitcoin maintained its bullish momentum and struggled to break its all-time high, these platforms reached all-time highs for trading volumes.
In November, the world’s top 15 Bitcoin exchanges moved more than USD 45 billion. That trading volume is nearly double the previous high this year, which occurred in mid-March, according to the report. This milestone coincided with the breaking of the USD 19,000 barrier for the price of Bitcoin, not seen since 2017.
The “top exchanges” that the analytics firm refers to are those that it classifies as the “top tier”. The 15 exchanges on this list include Binance, Coinbase, Kraken, Bitfinex, OKEx, and Huobi.
The increase in trading activity was not limited to a particular day. On average, the trading volumes of major exchanges in November increased by 114%, compared to the previous month. Among those markets, Bitfinex’s nearly 200% rise was the most prominent.
In contrast to the other exchanges for Bitcoin and other cryptocurrencies, the “top tier” increased their dominance of total trading volumes in November. During that month, this group came to represent 68% of the market volume, after having recorded 61% in October.
Major exchanges saw a clear increase, but global trading volume did not return to levels of earlier this year. For example, there were higher trading volumes between February and May. During that period, there was a majority share of less representative exchanges, in CryptoCompare’s opinion, according to a graph in their report.
Over USD 1 Billion Worth of Bitcoin Derivatives
In addition to trading volumes, the derivatives market reached a new all-time high in November. According to calculations by CryptoCompare, exchanges recorded a trading volume that exceeded USD 1.32 trillion last month.
That figure represents an increase of 108%, compared to October. The derivatives market accounted for 60% of the total trading volumes for Bitcoin and other cryptocurrencies, exceeding 53% from the previous month, the report highlights.
On November 26th, derivatives volumes also reached an all-time high, with more than USD 93.3 billion.
The increase in the trading volumes of markets such as CME, Binance, BitMEX, and Deribit, among others, shows the growing institutional interest in Bitcoin. The entry of companies like MicroStrategy, and Square, in addition to the constant increases in Grayscale’s Bitcoin fund, are just a few examples.
Many analysts believe that this interest has been a determining factor for the increase in the price of Bitcoin, which remains above US 18,300, according to data from CoinMarketCap.
By Alexander Salazar
