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Chinese blockchain and cryptocurrency journalist Wu Blockchain has announced November figures for central cryptocurrency exchanges. There was a considerable increase of 60% in spot cryptocurrency trading throughout the month. Although the Binance exchange continued to lead with the volume it produced, it was seen to lose ground. In the month when Binance lost ground, KuCoin, OKX, and MEXC exchanges gained ground and stood out.
Binance Lost Ground
Stunning November figures for central cryptocurrency exchanges have been announced. The largest volume increase during the month, when a 60% volume increase was seen in spot cryptocurrency trading, was seen by KuCoin, OKX, and MEXC exchanges. The spot cryptocurrency trading volume of these cryptocurrency exchanges increased by 109%, 93%, and 70% respectively throughout November.
The giant cryptocurrency exchange Binance, while continuing to be the largest cryptocurrency exchange in terms of spot trading volume, its trading volume remained behind many cryptocurrency exchanges with an increase of 53.9%. The volume of the US-based cryptocurrency exchange Coinbase, on the other hand, increased at a relatively lower rate, by 61.7%, contrary to expectations.
Binance sat at the top of the list with the volume it produced throughout November, followed by UpBit, OKX, ByBit, and Coinbase exchanges. The top ten of the list were completed with Huobi, BitMart, Gate, Bitget, and KuCoin, and Crypto.com, in order.
Website Traffic of Crypto Exchanges Increased by Nearly 10%
Furthermore, there was a significant increase in the volume of cryptocurrency futures throughout the month. While the volume of cryptocurrency futures increased by 4.44%, an increase of 8.5% was recorded in the website traffic of central cryptocurrency exchanges.
The increase in the website traffic of cryptocurrency exchanges along with volumes is very important in terms of indicating that new participants or old participants who prefer to stay out of the market have come in addition to existing market participants. The trigger for the increase in volume and website traffic was the largest cryptocurrency Bitcoin (BTC) and the upward movement of altcoins led by BTC.
