2024 has proven to be a groundbreaking year for the crypto ecosystem, with key developments propelling digital currencies to new heights.
Regulatory clarity in major markets like the United States and Europe and the approval of Bitcoin spot ETFs have fuelled institutional and retail adoption.
Furthermore, advancements in blockchain technology and the growth of decentralized finance (DeFi) have strengthened the position of digital coins as the cornerstone of the global financial system. These events have turned 2024 into one of the most significant years in crypto trading history.
According to data from CryptoPresales.com, the global crypto exchange trading volume doubled year-over-year and hit $13.3 trillion year-to-date, marking the second-highest volume ever recorded​.
The monthly crypto exchange volume hit a three-year high in November, driven by a combination of regulatory clarity and heightened expectations following Donald Trump’s election win.
According to The Block data, the total trading volume on crypto exchanges hit $2.7 trillion last month, trailing only behind the trading volumes in March, April, and May of 2021.
However, the surge in November was not an isolated event, as the total trading volume for the first eleven months of 2024 was already much higher than in the same period last year. Statistics show crypto exchanges saw $6.7 trillion worth of trade between January and November 2023, half of what has been recorded in 2024.
By the end of 2023, the total volume reached $7.8 trillion, setting the stage for 2024 to become the second-best year for crypto trading, behind only the record-breaking bull market of 2021, when $26.2 trillion worth of trades took place.
This was a massive increase compared to $3.5 trillion, $1.8 trillion, and $2.1 trillion seen in the period between 2018 and 2020.
The average monthly trading volume also skyrocketed in 2024. According to the Block data, the average monthly trading volume for the eleven months of the year hit $1.33 trillion, way up from last year’s average of $$650 billion.
While some sceptics argue that the 2024 crypto boom is largely fueled by Bitcoin’s remarkable performance, meaning the market could easily take a downturn if Bitcoin falls, the reality is that the crypto space has achieved what seemed impossible just a few years ago.
Statistics reveal that the average monthly trading volume on crypto exchanges is now only 11% lower than that of major US stock markets like the NYSE and NASDAQ. Over the year’s first eleven months, stock exchanges averaged around $1.5 trillion in monthly trading volume.
Meanwhile, global forex markets have maintained a far higher turnover, with daily volumes averaging $7.5 trillion, equating to nearly $200 trillion monthly.
