Stablecoins trading volume saw a sharp increase, placing monthly volumes on exchanges on track to new highs in 2024.
November’s market activity has spurred a surge in stablecoins trading, buoyed by the heightened institutional confidence in the digital assets industry.
According to a CCData report on Nov. 27, stablecoins trading volume saw a sharp increase of 77.5%, rising to $1.81 trillion as of Nov. 25. This growth places monthly trading volumes on centralized exchanges on track to hit a yearly high.
Continuing a fourteen-month upward trend, the total stablecoin market capitalization rose by 9.94% in November, reaching $190 billion and surpassing the previous all-time high of $188 billion from April 2022, prior to the collapse of TerraUSD. Despite this growth, market dominance dropped to 5.54% from 7.22% in October, as investors and traders increased diversification on Bitcoin (BTC) and altcoins.
