Global cryptocurrency trading rises 142% year-on-year to $2.1 trillion — TradingView News

The cryptocurrency market saw exceptional trading activity in December 2024, with total spot trading volume across major exchanges reaching $2.14 trillion, representing an 8% increase from $1.99 trillion in November and a staggering 142% year-on-year growth.

It is no coincidence that this is in line with Bitcoin’s historic highs on the price chart, reaching levels above $108,000.

Cryptocurrency exchange trading volume rose to $2.1 trillion in December 2024

Binance maintained its dominant position, capturing 47% of the market share with a trading volume of $1 trillion. The stock market saw a modest increase of 1% month-on-month, but showed notable year-on-year growth of 131%.

South Korea’s Upbit and ByBit showed exceptional performance, recording monthly growth of 21% and 20%, respectively. Both exchanges achieved impressive year-on-year growth of over 200%, with ByBit leading at 214% and Upbit following at 209%.

Coinbase, the leading US exchange, maintained steady growth with a 9% monthly increase and 174% year-over-year expansion, gaining 9% market share. OKX has shown resilience with 5% monthly growth and 103% year-over-year increase, holding 8% of the market.

Most exchanges recorded positive monthly growth, with only Bitstamp showing a 14% decline. However, Bitstamp still managed to achieve an impressive 174% year-over-year increase. The overall market showed strong health, with the cumulative volume of the 10 largest exchanges showing a monthly increase of 8% and year-over-year growth of 142%.

The significant increase in volume reflects the continued maturation of the cryptocurrency market and continued institutional interest throughout December 2024, building on the momentum generated by November’s strong performance.

Bitcoin reaches record volumes amid soaring prices

Daily trading volumes have reached near-record levels, although they are still below the peak of around $4 trillion seen in May 2021. This increase can be attributed to Bitcoin’s 37% rise in November and an additional 16% gain in December. .

Despite losing December gains and ending the month slightly lower, Bitcoin’s price has consistently remained above $90,000 over the past two months. This stability has stimulated significant activity among individual and institutional investors alike.

In my previous analysis, I explained the recent decline in prices, which was primarily driven by expectations that the US Federal Reserve may slow the pace of interest rate cuts. Another contributing factor was news of the government’s intention to liquidate over 69,000 Bitcoins seized from the Silk Road.

“There is a rumor that the recent market dump began after the Department of Justice (DoJ) began selling some of its Bitcoin holdings on Silk Road. One of the suspected wallet IDs has been identified,” said Paul Howard, Senior Director at Wincent. Finance poles. “As previously mentioned, this month is expected to be volatile, especially as we approach January 20, the date of President Trump’s inauguration. However, volatility creates trading opportunities.”

Technically, Bitcoin remains safe above the $90,000 level, with any declines below that mark seen as buying opportunities. Analysts are optimistic about Bitcoin’s long-term trajectory, predicting significant price increases by 2025. While some are predicting a target of $150,000, others believe it could rise to $200,000.