Cryptocurrency Trading Volumes Soar to Surpass $11 Trillion in December

The cryptocurrency market ended 2024 with a burst of activity, recording unprecedented trading volumes in December. In a year marked by significant swings and advances, the last month crowned the year with a record historical, driven by several factors.

According to a new report from data platform CCData, centralized cryptocurrency exchanges (CEXs) recorded a combined spot and derivatives trading volume that reached a staggering $11,3 trillion in December 2024. This figure represents a 7,6% increase from the previous month and sets a new high for digital asset trading activity on these platforms.

Digging deeper into the data, monthly spot trading volumes on CEXs grew by 8,1% to $3,73 trillion in December. This surpasses the previous record set in May 2021, showing renewed interest in spot trading. Meanwhile, monthly derivatives trading volumes also grew, increasing by 7,3% to $7,58 trillion. This is the third consecutive monthly increase for derivatives, indicating continued demand for these instruments.

Source: CCData

Several factors have contributed to this dramatic increase in trading volumes. These include increased market volatility, which provides opportunities for experienced traders, the appreciation of Bitcoin, which has traditionally driven the overall market, and a growing interest in derivatives trading, which allows for more sophisticated strategies. These developments reflect the ever-evolving strategies of investors as the cryptocurrency market evolves.

Some exchanges have stood out individually in this growth scenario. Bitget, for example, recorded an impressive 97,6% increase in its spot trading volume in December, reaching $159 billion, a new record for the platform, as highlighted by os data. This performance increased Bitget’s market share to 4,25%. MEXC Global also performed remarkably well, with monthly trading volumes rising to $165 billion, increasing its market share to 4,42%.

On the other hand, even while maintaining its leading position in the CEX market, Binance saw its spot trading volume drop to $946 billion, resulting in a 25,4% market share. However, Binance remains the largest derivatives exchange by monthly volume, processing $3,02 trillion in December.

In this scenario, the month of December 2024 marked a new chapter in the history of the cryptocurrency market, with trading volumes breaking records and showing the strength and vitality of this sector.