Crypto Exchange Trading Volume Hits $1.1 Trillion in December 2023

• In December 2023, the global cryptocurrency market reached a notable milestone, surpassing $1 trillion in monthly trading volume.
• Binance emerged as the leader, contributing 39.3% ($432.7 billion) to December’s total trading volume, followed by UPbit (8.3%, $91.8 billion).
• The anticipation of Bitcoin ETFs led to a surge in Bitcoin’s price, exceeding $45,000.

The global cryptocurrency market witnessed a significant milestone in December 2023. The data shows that the monthly trading volume surged past the $1 trillion mark for the first time since September 2022. 

The Block data spans from January 2023 to January 2024 and includes major cryptocurrency exchanges such as Binance, UPbit, OKX, Huobi, Coinbase, and a category encompassing “34 Others.”

Data from The Block’s Data Dashboard reveals that December’s trading volume reached $1.1 trillion, surpassing the previous threshold set in September 2022 at $1.03 trillion.

According to the data, Binance led the charge in December, accounting for 39.3% of the month’s total volume, amounting to $432.7 billion. UPbit and OKX followed with 8.3% ($91.8 billion) and 8% ($87.5 billion) of the volume, respectively.

The unexpected surge in December’s crypto trading activity was attributed to the industry’s collective optimism surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs).

Steven Zheng, Director of Research at The Block, notes that December, historically a slower month for crypto trading, saw unprecedented enthusiasm, indicating the anticipation of spot bitcoin ETF approval and the resurgence of a bullish market.The rising anticipation of Bitcoin ETFs also triggered the price of Bitcoin to surge past $45,000.

However, a recent report from Matrxiport and a surge in liquidations caused Bitcoin to plunge to $42,000. Data from CoinMarketCap also shows that the 24-hour global crypto trading volume stood at $118.36 billion, depicting a 64.43% surge in the last 24 hours.