Top 10 Exchanges' Spot Volumes Continue to Climb in Nov, Average Gain Hits 62.97%
Based on spot trading volume data since November 2023, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market continues the growth that began in October, with all exchanges among the top ten achieving a month-over-month increase in trading volume. The largest increase was seen in Kucoin, with a staggering 109.25% growth, while the smallest increase was from Gate.io, at 36.53%. The average increase across the top ten reached 62.97%, surpassing last month's average growth rate of 61.09%. The specific data are as follows:
The world's largest cryptocurrency exchange had a spot trading volume of US$310.13 billion in November, a 53.89% growth from US$201.55 billion US dollars in October.
On November 21, 2023, the founder and CEO of Binance, Changpeng "CZ" Zhao, officially reached a plea deal with the U.S. Department of Justice. Read Fazzaco's Guilty and Gone: Binance CEO Quits as Crypto Titan Struggles with Regulatory Pressure to learn more about the regulatory crisis faced by the exchange.
The Korean crypto exchange Upbit had a spot trading volume of US$90.77 billion in November, up 50.44% from US$60.32 billion in October. Upbit saw month-on-month growth in the last three months.
OKX had a spot trading volume of US$60.27 billion in November, up 93.29% from US$31.17 billion in October.
In mid-November, OKX announced the partnership with regulated digital asset custody service provider Komainu and CoinShares, a leading European alternative asset manager specializing in digital assets, to empower CoinShares to conduct 24/7 trading through the OKX platform while assets are held in segregated custody with Komainu.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$ 57.25 billion in November, up 62.46% from US$35.24 billion in October.
The leading US exchange Coinbase had a spot trading volume of US$50.4 billion in November, up 61.79% from US$31.16 billion in October.
Conio, the fintech partly owned by Poste Italiane and Banca Generali, announced that it has added Coinbase Prime as a liquidity provider, expanding the digital assets that Conio can offer.
HTX had a spot trading volume of US$45.99 billion in November, up 50.59% from US$30.54 billion in October.
After it suffered a $30 million exploit on Nov. 22, HTX said in a Nov 26 blog post that deposit and withdrawal functionality is back for multiple currencies, including BTC, Ether, Tron and Tether.
The crypto exchange Gate.io, which was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$32.02 billion in November, up 36.53% from US$23.45 billion in October.
Kraken had a spot trading volume of US$25.39 billion in November, up 55.32% from US$16.35 billion in October.
On Nov. 20, Kraken was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator.
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$21.17 billion in November, up 109.25% from US$10.12 billion in October. Kucoin had the highest month-on-month growth.
LMAX Digital is a crypto exchange operated by the UK FCA-regulated LMAX Group. It had a spot trading volume of US$13.08 billion in November, up 56.59%from US$8.35 billion in October.
In November, the crypto market demonstrated a sustained recovery, with the overall market value rising by 11% compared to the previous month. The market started strong at the beginning of the month, with token values surging significantly, but then entered a period of fluctuation. Throughout the month, SOL and LINK stood out, securing their positions in the top ten by market value for the second consecutive month, with monthly increases of 69% and 29%, respectively. Institutional investors showed a keen interest in these two currencies, with GSOL trading at a premium as high as 800%, and GLINK at 200%.
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