The monthly spot trading volume on crypto exchanges exceeded $1 trillion in December 2023, marking the first time this significant volume level has been surpassed in over a year.

According to data from compiled by The Block, the total exchange volume for the month reached a whopping $1.1 trillion.

The last instance of monthly spot trading volume surpassing the $1 trillion mark occurred in September 2022, with a total volume of $1.03 trillion, the data showed.

The latest figures for December 2023 not only represent a notable resurgence but also set a new monthly record since May 2022 when trading volume peaked at $1.35 trillion.

As usual, the crypto exchange responsible for the most trading volume was Binance, contributing 39.3% of the December’s total volume.

In US dollar terms, Binance’s share of the volume equaled $432.7 billion.

South Korea-based crypto exchange Upbit secured the second position with an 8.3% share, amounting to $91.8 billion, followed closely by OKX at 8%, totaling $87.5 billion.