With new tokens getting listed in December for spot trading, the crypto market is upbeat to take the November spot trading volume head-on.
A month of US election-led crypto spot trading surge
In November, the crypto spot trading volume doubled across centralisedcentralized exchanges like Coinbase, Kraken and Binance as Donald Trump got elected as the US President.
As per the data, Trump's re-election caused a significant surge in the crypto spot trading market The trading volumes of derivatives also rose substantially across platforms.
Of all the platforms South Korea's Upbit crypto exchange witnessed the most spike, as it registered a 386% surge in crypto spot trading volume.
This was followed by BitMart and Bitfinex which reported 242% and 218% increase in spot trading volume respectively.
Crypto exchange Binance saw a 131% spike in its trading volume in November as it nearly hit the $1 trillion mark. Coinbase also witnessed a significant surge in spot trading numbers which tripled due to an 189% increase in user activity.
Website traffic revealed that retail demand is increasing again following Trump's election as marked by the 82% surge in traffic experienced by Upbit, Coinbase and Crypto.com.
Traders pumped more capital into the crypto market in November than in the previous month due to the US presidential election.
The top five derivatives exchanges Deribit, Kraken and MEXC saw a threefold spike in perpetual contracts in November.
Confirmed increments in crypto spot trading, digital asset derivatives volume, and exchange website traffic affirmed the palpable bullish momentum noted after the U.S. general elections which resulted in massive capital inflows in major coins like Ethereum, Ripple, Bitcoin, Solana and Binance Coin amongst others.
Stablecoin supply also rose significantly to go above $200 billion as demand for fiat-pegged tokens like USDC and USDC increased.
All this propelled the crypto market to cross the $3.2 trillion market cap as Bitcoin joined silver in the six-figure club.
What lies ahead in December?
So far in December, the uninhibited crypto market has hit a new all-time high with digital assets settling nearing a $3.6 trillion market cap amidst recoveries. With new tokens like MOVE and USUAL soaring, crypto spot trading can match the November gains if not surpass them.
On December 10, several crypto exchanges like OKX, Upbit and Binance listed the MOVE token, a project that utilizes Facebook-designed Move programming language, for crypto spot trading. Within a day of the listing, MOVE gained 84% with its market cap and trading volume growing rapidly. It has emerged as a promising crypto in the Ethereum Layer 2 space.
Although MOVE started slow, it quickly rose to hit an all-time high of $1.45 driven by mass adoption after an airdrop. The token defied the bearish market trends to rally courtesy of the airdrop which allocated 2% of the 20 million tokens.
Meanwhile, Binance has announced it is listing USUAL for crypto spot trading causing its value to soar.
On December 12, Binance announced that it would open spot trading for USUAL on December 18 in four trading pairs, causing the token to see a 97% weekly price gain as it hit the $0.70 trading point and rose to a market cap of $242 million.
USUAL will begin reading with a Seed Tag which showcases its volatile and high-risk nature as it hits the $1 mark.
All these have raised hope for the crypto spot trading volume of December showing good results like that of November amidst remarks made by Goldman Sachs CEO that the bank could allow BTC and ETH spot trading if regulations allow it.
Speaking at a Reuters event, Goldman Sachs Group CEO David Solomon said that the firm has limited ability to participate in crypto spot trading but it is willing to consider it if there is regulatory clarity.
"You have to ask regulators because, at the moment, as a regulated banking institution, and I think you know this, we’re not allowed to own a cryptocurrency like Bitcoin as a principal," the CEO said.
Solomon further elaborated on the matter by saying “If, from a regulatory perspective, we were allowed to interact in these assets, we have a pretty big infrastructure."
Goldman Sachs getting into crypto spot trading matters because the form invests in spot ETFs with a 12.7 million shares valued at $461 million in iShares Bitcoin Trust ETF IBIT. The firm also has $25.16 million holdings in Ethereum ETFs across Fidelity and Grayscale.