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Crypto Spot Volume Jumps 60% As Traders Grab Bull By The Horn

source-logo  thecryptobasic.com 11 December 2023 16:06, UTC

As market sentiment flips bullish, crypto exchanges have seen a surge in trading volume.

The cryptocurrency market has considerably increased since the start of this year’s final quarter. November carried on the trend, with most crypto assets, including Bitcoin (BTC), recording double-digit gains.

Amid the surge, cryptocurrency exchanges saw an influx in spot trading volume, according to data collated from Coingecko. The total volume of crypto assets traded in November on major exchanges increased by 60% compared to the previous month.

The biggest beneficiaries of the improved market sentiment are KuCoin and OKX. In November, both exchanges gained 109% and 93.4% additional trading volume. For KuCoin, this represented an increase from $10 billion in October to $21 billion in November. On the other hand, OKX volume surged from $31 billion to $60.2 billion.

Tier one exchanges like Binance and Coinbase also saw a significant uptick in November, with both especially impressive despite regulatory woes. Binance’s spot trading volume surged 54% in November, with Coinbase gaining a slightly higher 61%.

Meanwhile, OKX and KuCoin also make the list of the top three crypto exchanges that gained the largest futures trading volume in November. Both exchanges gained 68% and 50.8%, respectively, with Crypto.com being the overall leader with an 88% increase.

Crypto Market Struggles Into The New Week

As the crypto market recovers from the ashes of a prolonged bear, volatility has returned at the start of the new week. Most crypto assets significantly declined early Monday, with Bitcoin dropping as low as $40,400.

The decline means the crypto market has shed $200 billion of its value in the past 24 hours, with long traders seeing hundreds of millions of dollars in liquidation. However, market sentiment remains bullish, with the fear and greed index still above 80, denoting extreme greed.