Crypto spot volume begins recovery as the year ends

• Spot volume has now gone over $50 billion after staying below it for months.
• The derivative volume remains higher.

Although cryptocurrency prices have increased over the past few months, crypto spot volume has remained low. Nevertheless, recent data shows that the volume is rising again.

Crypto spot volume climbs over $50 billion

Based on a recent chart from Kaiko, the cryptocurrency spot volume has experienced an upward trend in the past few weeks. The chart analysis revealed that the volume dropped below $50 billion around April and has struggled to reach that level since then.

However, according to BitDegree data, the spot volume in the last 24 hours exceeded $50 billion. As of this writing, the volume was over $53 billion. The data also indicated a minor decrease of less than 1% in the last 24 hours.

In terms of exchange rankings for spot volume in the last 24 hours, Binance, Coinbase, and Kraken emerged as leaders. Binance recorded a volume of over $5.5 billion, marking an increase of over 8% in the last 24 hours.

Coinbase achieved a volume of over $1.4 billion, with a remarkable over 25% increase during the same period. Kraken, on the other hand, had a volume of over $356 million but experienced a decrease of over 10% in the last 24 hours.

The surge in spot volume suggests increased trading activities, with traders actively buying and selling assets on centralized exchanges.

Comparing the crypto derivative and spot volume 

An examination of the derivative volume in the past 24 hours revealed a notable increase compared to the spot volume.

Coinglass data showed that Binance led, with a derivative volume of over $32 billion in the last 24 hours. As of the current report, Binance also boasted an open interest of over $11 billion.

Furthermore, OKX recorded a derivative volume surpassing $14 billion and held an open interest of around $4.6 billion.

The observation drawn from the derivative volume data is the notable prominence of this market in terms of trading activity, surpassing that of spot trading.

Analyzing the total market cap

According to data from CoinMarketCap, the overall market capitalization remained above $1 trillion but below $1.5 trillion.

At the time of this update, the market cap was around $1.46 trillion. The data also indicated that Bitcoin’s dominance was over 52%.

This signified that Bitcoin’s market capitalization constituted more than 52% of the entire cryptocurrency market cap. 

Source: CoinMarketCap

As the prices of these assets continue to rally, there is a possibility of witnessing a further increase in spot volume.