Crypto exchange volumes hit three-year high in November 2024, reaching $2.5 trillion. As of today (9 Dec), the volume for December 2024 is at $1 trillion.
Binance remains the largest centralized exchange (CEX), with its market share at 39.1% in November 2024. Its spot trading volume increased by 130.9% between October 2024 and November 2024, going from $424 billion in October up to $979 billion in November. However, this was still below its yearly-high of $1.1 trillion achieved in March.
The National Center for Public Policy Research submitted a shareholder proposal to Amazon saying that a Bitcoin corporate treasury strategy should be considered, with at least 5% allocation to Bitcoin.
"As of December 6, 2024, the price of Bitcoin increased by 131% over the previous year, outperforming corporate bonds by 126% on average. Over the past five years, the price of Bitcoin increased by 1,246%, outperforming corporate bonds by 1,242% on average." - National Center for Public Policy Research
The National Center for Public Policy said that MicroStrategy’s stock outperformed Amazon’s by 537% due to its Bitcoin strategy.
US Bitcoin ETFs become the biggest Bitcoin holders with now over 1.15 million Bitcoins, surpassing Satoshi Nakamoto's estimated holdings.
From 2 to 6 Dec, both ETH and BTC ETFs experienced a full week of net inflows.
Tether has minted a total of 20 billion $USDT since November 6, a notable increase in the supply of the stablecoin.
Ether (ETH) broke the $4000 mark on Dec 7.
Its all-time high was set in November 2021, at $4,878.
Ethereum transactions of value greater than $100,000 increased, with weekly transaction volume growing by over 300%, hitting $17.15 billion on Dec 7.
The increasing interest in Ethereum is also reflected in the derivatives market, where open interest in Ether futures contracts is significantly outpacing the growth in Bitcoin futures. Across exchanges, while the volume of Bitcoin futures traded grew by over 60% between October and November 2024 (from $1.59tn to $2.59tn), the volume of Ether futures traded grew by over 90% in the same period (from $669.3bn to $1.28tn).
The altcoin market cap (all cryptocurrencies excluding the top 10) exceeded $425 billion for the first time since November 2021, highlighting a growing interest in cryptocurrencies beyond Bitcoin and Ether. It is currently at $410.02bn.
The US Senate Banking Committee will vote on Dec 11 on whether to renominate the "anti-crypto" Securities and Exchange Commission (SEC) commissioner Caroline Crenshaw, who was one of two SEC commissioners to vote against the approval of spot Bitcoin ETFs in January 2024.
