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Edited by Ritu13 at 22-12-2023 01:57 PM
Binance releases its November Cryptocurrency Market Analysis Report, indicating a continuous rise in the total cryptocurrency market value. In addition to significant price increases, institutional investors are actively participating in the market. The rise of the Ordinals protocol has led to Bitcoin transaction fees surpassing those of Ethereum. Furthermore, the Solana blockchain ecosystem is thriving, contributing to a 69% monthly increase in SOL, making it a standout among the top ten tokens by market capitalization for two consecutive months.
Continuous Rise in Cryptocurrency Total Market Value
In November, the total cryptocurrency market value increased by 11%, following impressive performances in January (30.4%) and October (19%) earlier this year. SOL and LINK have once again emerged as top performers among the top ten tokens by market capitalization for the second consecutive month, with monthly increases of 69% and 29%, respectively. These two tokens have attracted institutional interest, evidenced by the premiums of up to 800% for Grayscale's related trust GSOL and 200% for GLINK.
Bitcoin and Ethereum, the leading cryptocurrencies, also experienced gains of 9.74% and 12.1%, respectively. The Total Value Locked (TVL) in DeFi increased by 10% compared to the previous month. Solana's decentralized exchange (DEX) trading volume surged by over 166%, and SOL token's daily activity and market value also saw growth.
The NFT Market's Significant Reversal
The long-muted NFT market witnessed a critical turnaround in November, reversing the trend for the entire year. The revival in NFT sales was notably driven by Bitcoin Glyphs (SATS), which recorded sales exceeding $93 million, surpassing BAYC's $42 million and CryptoPunks' $29 million.
Bitcoin Transaction Fees Surpass Ethereum's
Bitcoin transaction fees have surpassed Ethereum's, reaching the highest point in over two years. Increased interest in the Ordinals protocol has driven the growth in Bitcoin activity and demand for block space.
Growth of Polygon in zkEVM
Polygon zkEVM achieved a significant milestone in November, with its TVL soaring to $107.8 million, representing a quarterly growth of 47.2%. This growth is fueled by a series of key developments and Polygon's continuous focus on and progress in the ZK space, generating increasing interest in its ecosystem.
Telegram Bot Continues to be Popular
Telegram bots remain popular among users, despite a gradual decrease in media coverage over the past few months. The industry's activity and trading volume continue to grow, with Maestro and BananaGun remaining the largest Telegram trading bots, accounting for over 83% of the total trading volume. |
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Post time 10-12-2023 12:20:53