In December 2023, monthly spot trading volume on crypto exchanges rose above $1 trillion for the first time since September 2022. The main growth driver was the increase in the value of BTC.

Spot Trading Volume on CEXs Reaches $1.1T in December

According to The Block, trading activity on cryptocurrency exchanges rose 33% in December 2023, with monthly trading volume on CEXs reaching $1.1 trillion.

More than $432 billion came from Binance, which leads in trading volume among centralized crypto exchanges with a 40% market share. The second and third positions are held by Upbit and OKX, accounting for 8.3% and 8% of the total trading volume in December, respectively.

Spot trading volume on crypto exchanges didn’t rise above $1 trillion for 15 months. The last time traders were so active was in September 2022, when trading volume on CEXs reached $1.03 trillion month-on-month. 

The main driver of activity growth in the spot market is the rise in Bitcoin. According to CoinGecko data, the price of the first cryptocurrency grew by 8.6% over the last month, exceeding the $42,500 mark by the end of December. In early January 2024, BTC rose above $45,000. As of 12:00 (GMT+2), January 3, 2024, the price of Bitcoin is $45,298.

Over the past 24 hours, trading volume of the first cryptocurrency exceeded $29 billion. Analysts attribute the surge in activity among traders to expectations of approval of spot Bitcoin ETFs in the U.S. Steven Zheng, Director of Research at The Block, said that the growth in trading volume figures indicates the optimism of the industry and the possible revival of the bull market. 

In December 2023, the crypto market showed active growth, and the media finally stopped mentioning the “death” of Bitcoin.

Author: Molly Wilson
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