A new report from CCData announced that total trading volume in the Cryptocurrency industry reached an all-time high in November, touching $10 trillion. Donald Trump’s commitments to a friendly regulatory environment have fueled this strong growth.
Derivatives trading plays a large role in this increase, accounting for the majority of trading traffic on centralized exchanges.
CCData Transaction Report
Report analyzed trading data on centralized exchanges and identified some interesting trends in this growth model. Donald Trump’s election victory is important as the industry hopes for a friendlier regulatory environment. Jacob Joseph, senior research analyst at CCData, has chat with Bloomberg about this trend:
“This sentiment is clear in the increased interest in assets like Ripple, which have previously been subject to tight regulatory controls. The bullish sentiment is also evident in the institutional sector, as CME volumes have seen significant growth and large inflows in spot Bitcoin ETFs over the past month,” Joseph said.
However, the company has asserted that this growth is not limited to US-based companies. In fact, CCData claims that the fastest growing exchange is Upbit in South Korea, with monthly spot trading volume skyrocketing 358%. What’s amazing is that these gains occurred despite Korean regulators accusing Upbit of violating 600,000 KYC procedures.
Cryptocurrency options trading also grew significantly, contributing to these overall gains. CCData asserts that options volume on the Chicago Mercantile Exchange (CME) reached a record high, with $5.54 billion in Bitcoin options alone.
This represents a 152% increase, and other assets have shown similar growth. In fact, derivatives trading accounts for the majority of total volume.
The OCC approved Bitcoin ETF options trading in November, perhaps encouraging other options trading. CCData only looks at direct Cryptocurrency traffic through centralized exchanges, so ETF volumes are not included in their figures. However, these options still generated huge volume, with BlackRock surpassing $425 million in just the first day.
In total, spot and derivatives trading volumes on centralized exchanges increased by more than 100% from October to November. According to CCData estimates, the total volume eventually reached $10.4 trillion. This impressive milestone helps clarify the context of the strong bull market in the Cryptocurrency sector.