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Global spot trading volume on crypto exchanges reached $2.7 trillion in November, marking the highest monthly total since May 2021. This figure represents more than a twofold increase from October's volume of $1.14 trillion.

Data from The Block indicates that Binance accounted for approximately 36% of November’s trading volume, processing over $986 billion. Following Binance, Crypto.com, Upbit, and Bybit each surpassed $200 billion in monthly volume. The increase in trading activity was noted across all global regions.

Futures trading for Bitcoin and Ethereum also saw substantial growth, with Bitcoin futures reaching $2.59 trillion and Ethereum futures hitting $1.28 trillion. Both categories recorded their highest volumes since May 2021.

The notable rise in trading volume coincided with a broader rally in the crypto market, which followed the reelection of pro-crypto candidate Donald Trump as U.S. President on Nov. 5. Bitcoin prices soared during this period, setting an all-time high of $99,635.

Solana also experienced a surge, achieving a new peak on Nov. 21. The GMCI 30 index , which tracks the performance of the top 30 cryptocurrencies, increased by 62.3% throughout the month.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler also announced his departure from the agency in a move met with relief from various sectors within the crypto industry, where Gensler's regulatory approach was often viewed as stringent.

According to Augustine Fan, head of insights at SOFA.org, the rally has been predominantly observed among major cryptocurrencies, with Bitcoin leading the upward trend. The overall sentiment in the market remains bullish as traders react to recent developments.