While some skeptics say that the 2024 crypto boom was largely fueled by Bitcoin’s remarkable performance, meaning the market could easily take a downturn if Bitcoin falls, the reality is that crypto trades skyrocketed to one of the highest figures on record.
According to data presented by AltIndex.com, the average monthly trading volume on crypto exchanges hit over $1.5 trln in 2024, or 135% more than the previous year.
The past year has proven to be groundbreaking for the crypto market, with key developments propelling digital currencies to new heights.
Regulatory clarity in major markets, the approval of Bitcoin spot ETFs, advancements in blockchain technology, and the growth of decentralised finance (DeFi) have fueled both institutional and retail adoption, turning 2024 into one of the best years for crypto trading.
Last month, the crypto market reached a three-year high in monthly trading volume, driven by regulatory clarity and heightened expectations following Donald Trump’s election win.
According to The Block, the total trading volume on crypto exchanges hit $2.7 trln in November, trailing only behind the trading volumes seen in March, April and May of 2021. However, December performed even better, with the monthly trading volume surpassing $2.7 trln.
Second highest average
The surging trading volumes amid the crypto bull run have helped the monthly average to soar over $1.5 trln in 2024, the second-highest figure in the market’s history.
Only the 2021 bull run brought higher trading values, with the monthly average reaching $2.18 trln that year.
Statistics also show that this year’s average represents a huge increase from 2023, with a 135% increase compared to last year’s $650 bln. Even 2022, with its $1 trln monthly average, falls short of the 2024 performance.
With crypto exchanges handling over $2.7 trln in trades over the past two months, the full-year crypto trading volume skyrocketed to $18.4 trln, the second-highest yearly total on record.
Although this is 30% lower than the all-time high of $26.2 trln seen in 2021, it’s just 9% less than the combined trading volumes over the past two years and twice more than the reported value between 2018 and 2020.
Statistics also show that Binance generated over 40% of the total crypto trading volume last year.
The world’s largest cryptocurrency exchange saw $7.7 trln worth of crypto trade, translating into an average of $641 bln per month. Far below, Coinbase follows with a monthly average trading volume of $99 bln and a full-year total of $1.2 trln.
