Total Crypto Trading Volume Hit Record $348 Billion Last Month: CoinGecko Data

News
Tue, 12/08/2020 - 16:12
article image
Alex Dovbnya
The crypto industry saw its peak trading volumes last month
Total Crypto Trading Volume Hit Record $348 Billion Last Month: CoinGecko Data
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

According to a monthly report published by cryptocurrency ranking site CoinGecko, the global cryptocurrency trading volume reached a new monthly all-time high of $348 billion in November.

This represents a 125 percent increase from October when centralized and decentralized exchanges saw a total of $154 billion worth of trading volumes.

DEXes suffered a double-digit loss

The last month shifted the cryptocurrency market revival into high gear, with Bitcoin alone adding 45 percent and surging to a new all-time high after three long years.

Even though the rally was primarily dominated by spot traders, open interest on Bitcoin perpetual swaps also eked out a new peak of $2.7 billion, with Binance becoming the clear leader.

Decentralized exchanges—which took the market by storm during the summer DeFi boom—were on the losing side in November. Their cumulative trading volume hit 15.8 percent last month, with Uniswap's rival fork, SushiSwap, being the only DEX that managed to buck the trend.

CoinGecko
Image by coingecko.com

However, DeFi tokens such as Aave (AAVE) and Yearn.Finance (YFI) still saw triple-digit returns.

Related
DeFi Survey by Coingecko: Gender Gap, Stablecoins and Going Bankless

CoinGecko vs. CoinMarketCap

In October, CoinGecko's 20.6 million visitors came closer to flipping CoinMarketCap, the "front page of crypto," which had 29 million.

In a recent interview with U.Today, CoinGecko cofounder Bobby Ong claimed that CoinMarketCap, one of the most visited websites in the world, could no longer be viewed as independent after being acquired by Binance in early April.

After the acquisition, CoinMarketCap can no longer be seen as independent and impartial. The platform has been taken over to become another place for Binance to promote its services.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

thecryptobuds