The total trade activity on centralized exchanges reached an all-time high of $11.3 trillion, up 7.58%, according to the report by CCData.
Record Breaking $11.3 Trillion High for Spot and Derivatives Trading on Centralized Crypto Exchanges
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Record Numbers for Spot and Derivatives Trading
The overall spot and derivative trading volume for centralized crypto exchanges (cexes) hit a record high of $11.3 trillion in Dec. 2024. According to market data from CCData, this record high came from a 7.58% increase in the previous month.
With a trading volume of $946 billion, Binance maintained its position as the market leader in spot trading. Trade volumes of $247 billion and $191 billion saw Bybit and Coinbase come next.
The historic ascent of bitcoin, which initially crossed the $100,000 threshold on December 5 and peaked at $108,249 on December 17, coincided with the December trading hype. Additionally, trading volume for cryptocurrency derivatives surged, rising 7.33% to $7.58 trillion, a new monthly high for derivatives trading volume.
The report observed a surge in liquidations as traders tried to profit from market turbulence. On Dec. 20, there was a significant $1 billion liquidation as bitcoin dropped 3.5% from its $100,000 level after remarks made by Federal Reserve Chair Jerome Powell indicating that there would be no hasty interest rate cuts.
In 2024, the Bitcoin network completed more than $19 trillion in transactions, more than doubling the $8.7 trillion that was settled in 2023. The U.S. also consolidated its dominance in bitcoin mining by the end of 2024, controlling more than 40% of the world’s bitcoin hashrate.
January’s market outlook improved as the U.S. Consumer Price Index (CPI) report revealed core inflation for December was lower than anticipated, increasing the likelihood of interest rate cuts.
