Record Breaking $11.3 Trillion High for Spot and Derivatives Trading on Centralized Crypto Exchanges
"Crypto trading hits record high: $11.3 trillion traded on centralized exchanges in Dec. 2024, fueled by Bitcoin’s $100k milestone and surging derivatives activity."
Record Breaking $11.3 Trillion High for Spot and Derivatives Trading on Centralized Crypto Exchanges
Record Numbers for Spot and Derivatives Trading
The overall spot and derivative trading volume for centralized crypto exchanges (CEXs) hit a record high of $11.3 trillion in December 2024. According to market data from CCData, this record high represented a 7.58% increase from the previous month.
With a trading volume of $946 billion, Binance maintained its position as the market leader in spot trading. Bybit and Coinbase followed with trade volumes of $247 billion and $191 billion, respectively.
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 December’s 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 also observed a surge in liquidations as traders tried to profit from market turbulence. On December 20, there was a significant $1 billion liquidation when bitcoin dropped 3.5% from its $100,000 level following remarks 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 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.
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