The months of November and December of 2024 have been profitable for the cryptocurrency exchanges in the Asia-Pacific (APAC) Region after tallying more than $5 trillion in trading volume, data from information services company The Block revealed.
What’s the Significance? According to The Block, while the robust volumes coincided with strong market performance, the increase in volume indicates broader geographical participation and a more diverse investor base.
Definition of Terms: The APAC region is composed of five geographical subregions: East and North East Asia (ENEA), North and Central Asia (NCA), South and South West Asia (SSWA), South East Asia (SEA/ASEAN), and the Pacific (PACIFIC).
By The Numbers: APAC-based crypto exchanges recorded a trading volume of $2.71 trillion in November and $2.94 trillion in December.
Record Per Exchange: Here is the list of recorded trading volumes per exchange for the month of December 2024.
- Binance: $1 trillion
- Crypto.com: $324.38 billion
- UpBit: $283.39 billion
- ByBit: $257.30 billion
- Coinbase: $191.87 billion
- Bitget: $178 billion
- OKX: $177 billion
- Huobi: $95 billion
- However: It should be noted that the report also found out that aside from known international CEXs, the trading volumes of “mid-tier” exchanges are also increasing.
- These 34 other mid-tier CEXs had a trading volume in November and December of $817 billion and $886 billion, respectively, almost triple compared to the $330 billion record in October.
Key Quote:
“The volume distribution suggests an evolving market structure, with mid-tier exchanges capturing a larger share of total market volume and APAC-based platforms showing increased prominence.”
The Block
But what’s the reason behind the surge? The Block clarified that there are multiple factors, including growing retail participation across various regions, novel product offerings from smaller exchanges, and enhanced market infrastructure supporting higher volumes.
- The fact that cryptocurrencies are receiving a broader institutional acceptance through ETFs is also a factor.
- Lastly, the market is said to anticipate President Trump’s inauguration this month.
“We’ll see if the trend continues as institutional traders return to their desks after the holiday period.”
The Block
This article is published on BitPinas: APAC-Based Crypto Exchanges Surpass $5T Trading Volume for the Final Months of 2024
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