Crypto Spot Volume Jumps 60%
The cryptocurrency market has seen a significant increase since the end of Q4 of this year, with most assets, including Bitcoin, experiencing double-digit gains.
The total volume of crypto assets traded on major exchanges increased by 60% in November, according to data from Coingecko. KuCoin and OKX, the biggest beneficiaries of the improved market sentiment, gained 109% and 93.4% additional trading volume respectively, with KuCoin’s volume rising from $10 billion in October to $21 billion in November.
Despite regulatory woes, Tier 1 exchanges like Binance and Coinbase also saw significant upticks, with Binance’s spot trading volume rising 54% and Coinbase’s 61%.
OKX and KuCoin are among the top three crypto exchanges with the largest futures trading volume in November, with Crypto.com leading with an 88% increase. As the crypto market recovers from a bear, volatility returns, with most assets declining, with Bitcoin dropping as low as $40,400. This means the market has shed $200 billion in value in the past 24 hours, with long traders seeing hundreds of millions of dollars in liquidation. Market sentiment remains bullish, with the fear and greed index above 80.
(With inputs from Shikha Singh)
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