Monthly Cryptocurrency Exchange Trading Volume Surpasses $1 Trillion
In December, the monthly trading volume of cryptocurrencies on exchanges exceeded $1 trillion, a level that hadn’t been reached in over a year. This surge in volume during the last month of 2023 was the highest since May 2022 when trading volume reached $1.35 trillion.
Among the exchanges, Binance led the way with 39.3% of the volume in December, followed by Upbit with 8.3% and OKX with 8%.
ETF Optimism
The spike in trading activity in December can be attributed to the industry’s optimism regarding the approval of spot bitcoin ETFs. The Block’s Director of Research, Steven Zheng, believes that the industry’s confidence in ETF approval and a potential bull market revival is driving this surge in volume.
As traders anticipate ETF approval, Bitcoin also experienced a rally over the weekend, reaching over $45,000.
Hot Take: Monthly Crypto Exchange Trading Volume Hits $1 Trillion for the First Time in Over a Year
The cryptocurrency market ended 2023 on a high note as monthly exchange trading volume surpassed $1 trillion for the first time in more than a year. This milestone reflects the industry’s optimism about the potential approval of spot bitcoin ETFs and a resurgence of a bull market. The strong performance of exchanges like Binance, Upbit, and OKX further solidifies this positive outlook. With Bitcoin rallying alongside these developments, it seems that crypto enthusiasts have much to look forward to in the coming months.
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