- Crypto trading volume topped $10 trillion for the first time in November.
- The surge in volume came after Trump's election win stoked a fresh rally in the market.
- Trump pushed his pro-crypto agenda forward on Wednesday with his pick to run the SEC.
Crypto trading volume blew past a key milestone last month, according to a report from CCData.
Digital asset trading on centralized finance platforms topped $10 trillion for the first time ever in November, surging 101% to hit $10.4 trillion, the report says.
Monthly spot trading was up 128% to $3.43 trillion, marking the second-highest monthly total, while derivatives trading volume climbed 89.4% to $6.99 trillion, setting a record high, the report says.
The big jump in trading activity points to the huge burst of bullish sentiment unleashed by Donald Trump's election win, which crypto players are hopeful will usher in a new golden age for digital assets.
Along the campaign trail, Trump sought to win the industry's vote and political donations, billing himself as the "crypto president" and frequently voicing his support for bitcoin. Among his most important campaign proposals was the founding of a national bitcoin reserve, which could put the token on par with strategic commodities like oil and gold.
Since Trump won the election,Bitcoinhas surged to all-time highs, stopping just shy of the $100,000 mark in recent weeks. As of Wednesday afternoon, the coin had soared 42% since Election Day.
The industry widely expects Trump to support policies easing regulation over the industry throughout his term, and he has already moved to appoint several crypto advocates to his cabinet, including Paul Atkins as SEC Chair, the president-elect posted on Truth Social on Wednesday.
Atkins, a prior SEC Commissioner, will replace SEC chair Gary Gensler, who has taken a hard line on the industry and plans to step down on January 20. During his campaign, Trump had vowed to fire Gensler.
"Since Election Day, the crypto market has surged," CoinDesk Indices' Andrew Baehr said in an email, adding, "Recent cabinet appointments and today's SEC news have bolstered sentiment and confidence among digital asset projects, new and old, suggesting a more navigable regulatory landscape ahead."
Baehr says Ethereum's surge is likely the most important development of the last few weeks.
"Bitcoin's regulatory path—oversight, futures, and ETFs—is well-established, as is its function as a macro asset and a store of value. Meanwhile, Ethereum, driven by use of stablecoins, smart contracts, and Web3 innovation, has shown stronger price performance post-election. It's the renewed perception of growth in these use cases that is most exciting these past few weeks," he said.
The report also points to a surge in trade volumes in South Korea in particular, where an alt-coin frenzy brought volumes to record highs. The aggregate trade volume from five South Korean exchanges, including Upbit, rose 294% to $254 billion, the report says, making the country's market share of total spot trading volumes surge to over 7%.
"Altcoins such as XRP have emerged as major beneficiaries of a more favourable regulatory environment in the U.S., following past classification as securities by the SEC. Trading activity in South Korea has been further boosted by the government's decision to delay the introduction of capital gains tax on digital asset trading for another two years," the report said.