Crypto exchanges gain 27% in trading volume in December

According to a Jan. 10 blog post by Wu Blockchain, spot trading volume on major crypto exchanges increased by 27.4% month-on-month.

The top three by percentage change were Gate with 65%, Crypto.com with 50%, and Bybit with 44%. The three that fell the most were BitMart by 24%, Bitget by 12%, and Upbit by 1%.

Website traffic saw a 21% increase compared to the previous month. The top three by percentage change were Mexc with 45%, Bybit with 38%, and Gate with 34%. The bottom three were Huobi, which fell by 80%; BitMart, which decreased by 17%; and Bitget, which saw an 8% decline.

December was a month of significant growth for the largest crypto exchanges. In November 2023, traffic on cryptocurrency exchanges grew by 8.5% compared to the previous month, and spot trading volumes grew by more than 60% during the same period.

The top three regarding volume included Binance, South Korean Upbit, and OKX. In percentage terms, trading volumes increased the most on KuCoin, which more than doubled, OKX increasing by 93.4%, and MEXC seeing a 69.7% bump.

Users’ interest in trading increased as the cryptocurrency market recovered. At the end of last year, the market capitalization of the entire cryptocurrency sector surged, with the main cryptocurrency, Bitcoin (BTC), reaching multi-month highs, increasing in value to more than $40,000 and up 160% for the year.

Earlier this year, the positive momentum continued, and BTC surpassed the $47,000 mark amid anticipation of the Securities and Exchange Commission’s decision on applications for spot Bitcoin ETFs.