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Cryptocurrency trading volumes hit record highs in November, exceeding $10 trillion across spot and derivatives markets for the first time, according to CCData. Spot trading volumes rose 128% to $3.43 trillion, while derivatives trading volumes surged 90% to $6.99 trillion. Exchanges such as Upbit, Bybit and Crypto.com reported unprecedented activity, reflecting a surge in market interest following Donald Trump’s victory in the U.S. presidential election.

Trump’s election win was a significant factor driving the rally, with Bitcoin prices climbing 42% since Election Day and approaching $100,000. Ethereum and other altcoins also saw strong performance. Analysts have tied the optimism to expectations of a pro-crypto regulatory shift under Trump’s administration. Trump announced plans to replace outgoing SEC Chair Gary Gensler with Paul Atkins, a known cryptocurrency advocate. This move has bolstered market confidence, with industry insiders expecting eased regulations and growth-friendly policies.

In addition to spot and derivatives trading, crypto options volumes soared, particularly with the listing of Bitcoin ETF options by major exchanges such as NYSE and Nasdaq. On its first day, BlackRock’s Bitcoin ETF options recorded nearly $2 billion in exposure. Market experts believe this marks a turning point, as these financial instruments are expected to accelerate institutional adoption and add significant liquidity to the market.

South Korea played a key role in the global trading surge, driven by an altcoin frenzy. Aggregate trading volumes across major South Korean exchanges reached $254 billion, a 294% increase from October. This growth was fueled by the government’s decision to delay capital gains tax on cryptocurrency trading until 2025, enhancing trading activity in the region.

New players also entered the market, with Arkham launching a digital assets derivatives exchange targeted at retail traders. The exchange aims to compete with established platforms such as Binance. Meanwhile, perpetual trading volumes for cryptocurrencies like Solana and Dogecoin reached record highs, reflecting heightened market volatility and growing interest in alternative assets.

Macroeconomic conditions further supported the rally. The U.S. Federal Reserve’s recent interest rate cuts and rising global liquidity have driven capital toward cryptocurrencies, seen as inflation-resistant investments. As a result, the total cryptocurrency market capitalization reached $3.47 trillion in early December. Analysts predict continued growth, supported by evolving regulatory clarity in the U.S. and expanding global adoption of digital assets.

The bullish sentiment is expected to persist, with increased participation from institutional investors and policy shifts favoring the crypto industry likely to shape the market’s trajectory in the coming months.