Trump ignites the cryptocurrency market, with November's digital currency trading volume surpassing USD 10 trillion for the first time in history

Cryptocurrency is becoming increasingly popular.

In November, the trading volume of cryptocurrencies surged to $10 trillion for the first time, setting a new historical high.

According to data collected by CCData, the combined trading volume of cryptocurrencies doubled in November. Spot trading volume increased by 128%, reaching $3.43 trillion, the second highest figure since May 2021; derivative trading volume grew by 89%, reaching $6.99 trillion, again breaking new records.

In South Korea, the cryptocurrency market has even squeezed out the stock market — since Trump's election victory, the trading volume of many South Korean spot cryptocurrency exchanges like Upbit has surged, with traders flocking to altcoins, causing the South Korean KOSDAQ index to drop by 8%, potentially becoming the worst-performing Asian stock index this year.

Analysts believe that Trump is a supporter of cryptocurrencies, and after his election victory, investors generally expect the new government to provide a more friendly and relaxed regulatory environment for the cryptocurrency industry. On December 4th, Eastern Time, Trump nominated cryptocurrency-friendly Paul Atkins as the chairman of the U.S. Securities and Exchange Commission (SEC).

Jacob Joseph, a senior research analyst at CCData, stated:

“This sentiment is evident in the increased demand for assets like Ripple (a cryptocurrency), which has historically faced strict regulatory scrutiny. Institutional optimism is also apparent, with significant increases in trading volume at the Chicago Mercantile Exchange, and considerable inflows into spot Bitcoin ETFs over the past month.”

As of the time of writing, Bitcoin is priced at $98,433.8 per coin, having risen over 122% this year.