November’s re-election of Donald Trump has helped bring myriad benefits for the crypto industry, with crypto exchanges reporting their strongest monthly trade volume performance in three years.
The month saw the global volume for spot crypto exchanges rise to $2.9 trillion, its best performance since May 2021, according to new data from Newhedge, a bitcoin data analytics firm.
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our 244 million users and counting,” said Binance CEO Richard Teng about the record growth in users and trade volumes at the world’s largest crypto exchange.
Overall, Binance saw $21.6 billion in inflows this year, a dramatic growth in inflows compared to its competitors. Binance attributed this to surging market optimism surrounding bitcoin worldwide, reflected in the growth of its user base to 244 million and the the breakout performance of bitcoin exchange-traded funds (ETFs), which debuted this January in the U.S. and collectively brought in $6.87 billion in November alone.
Additionally, November also represented the “strongest month” for crypto exchange Crypto.com . A spokesperson told Cointelegraph : “We’re seeing increasing interest and investment in cryptocurrencies, which has led to record trading volumes globally over the last few weeks. We anticipate positive market sentiment will continue into the first quarter of next year.”
The total market capitalization for cryptocurrencies has surged to $3.44 trillion this year, CoinMarketCap data shows, reflecting ongoing optimism around cryptocurrencies in the coming year.