Cryptocurrency exchange size exceeds $1 trillion for the first time since the end of 2022
Monthly cryptocurrency exchange trading volume exceeded $1 trillion last December, a threshold that exchanges have not exceeded in over a year.
December was a big month for cryptocurrency trading, with volume totaling $1.1 trillion, according to The Block’s data dashboard. The last time cryptocurrency exchanges’ monthly trading volume surpassed this record was in September 2022, when total trading volume reached $1.3 trillion, the data also shows.
The increase in volume across exchanges in the final month of 2023 marked the highest monthly volume since May 2022, when volume hit $1.35 trillion.
Among competing exchanges, Binance took the lead in December with a total trading volume of $432.7 billion, accounting for 39.3% of monthly trading volume, followed by Upbit with 8.3% ($91.8 billion), and OKX with 8% ($87.5 billion). ) was recorded.
ETF Optimism
Steven Zheng, director of research at The Block, said December’s surge in activity was likely due to enthusiasm in the cryptocurrency industry that a spot Bitcoin ETF would gain approval.
“December is historically a slow month for cryptocurrency trading, given the holiday season,” Zheng said. “The fact that monthly spot volume has surpassed $1 trillion for the first time in a year really speaks to the industry’s optimism about the impending spot Bitcoin ETF approval and the rebirth of the bull market.”
Bitcoin also surged 5.8% over the weekend, surpassing $45,000, as traders anticipated the approval of a spot Bitcoin ETF. According to The Block’s Bitcoin price page, the world’s largest cryptocurrency by market capitalization was trading at $45,260 as of 11:05 a.m. ET.
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