In December, the total volumes on crypto exchanges reached $1.1 trillion, the highest level since September 2022. The previous peak in 2023 was in March, with less than $950 billion. The highest monthly peak ever recorded was in May 2021 when altcoins reached over $4 trillion. Excluding the bull run of 2021, even in May 2022, the total monthly trading volumes on crypto exchanges exceeded $1.3 trillion. However, they fell below one trillion the following month and only returned above this level in September 2022 for one month.
The recent boom in December 2023 indicates that the crypto winter is over. Throughout the history of crypto markets, there have been only 19 months with a total trading volume exceeding one trillion dollars. Excluding the major bull run of 2021, there were only eight months with over a trillion dollars in total crypto market trades.
December 2023 was a historic achievement, highlighting the end of the crypto winter and giving hope for 2024. It should be noted that 2023 was the year prior to the fourth Bitcoin halving in April. Comparing it to previous years suggests potential growth margins for 2024.
In terms of crypto exchanges and growing volumes, Binance remained the dominant player but its market share dropped to 39%. Upbit came in second place with only an 8% market share. Binance remains the preferred exchange worldwide for spot cryptocurrency trading.
In conclusion, December 2023 saw record-breaking volumes on crypto exchanges, indicating the end of the crypto winter and potential growth for 2024. Binance remains dominant but has lost some market share to Upbit.
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