Hey there, Geckos!
Our November Monthly Report is here!
It’s been quite a roller coaster ride this past month with so much going on in the crypto space. To name a few, Bitcoin (BTC) successfully hit a new All-Time High at $19,725, DeFi protocol hacks that cost nearly $70 million in losses, as well as a new yearly high in open interest for the Bitcoin Derivatives market.
In addition to that, we saw large financial corporations such as Square, PayPal, and DBS Bank continue their efforts in adopting it as part of their hedging strategies.
Here are our 5 key crypto-highlights for November:
- The market recorded another yearly high at $554 billion, surpassing its previous high at $378 billion for 2020
- Bitcoin price recorded a new ATH at $19,725 on 30th November, replacing its previous high at $19,665 after 3 years
- Bitcoin Perpetual Swap Open Interest (OI) reaches a high of $3.1 billion on 23rd November
- Alts showed strength as XRP, AAVE and YFI had more than 150% return
- Trading volumes across crypto exchanges hit its highest monthly volume of $348 billion, though DEXs dropped $3.3 billion
1. Crypto Markets records another year high to $554 billion
The market has outperformed October’s growth (46% vs 20%) by recording yet another year high at $554 billion, far surpassing the previous high of $378 billion. Furthermore, the trading volume saw a whopping 82% increase from the previous month.
2. Bitcoin’s price recorded a new ATH at $19,725
Akin to the market’s performance, Bitcoin has also achieved a new record by reaching a new ATH of $19,725. This comes 3 years after setting its previous high of $19,665 and is likely due to the influx of institutional investors as well as the anticipation for the launch of S&P Dow Jones Indices set for 2021. It is very likely that news related to mainstream or institutional adoption has heightened the positive sentiment towards the crypto market, particularly that of Bitcoin.
3. Bitcoin Perpetual Swap Open Interest reaches a new high
With Bitcoin’s recent rally comes volatility and along with it an uptick in market participation on Bitcoin Perpetual Swaps. The open interest (OI) for top exchanges hit a new yearly high of $3.1 billion on the 23rd of November. Despite closing the month slightly lower at $2.7 billion, it still represented a 21% increase in terms of month-on-month growth.
Binance and Bybit emerged as the November sharks with a massive growth of 40% and 39% increase in OI respectively.
4. Alts showed strength as XRP, AAVE and YFI had more than 150% return
Moving on, while Bitcoin rallied with a 42% increase in November, other major altcoins also displayed strength. XRP(XRP) was a surprise winner with an impressive 177% month-on-month rise, suggesting that there may be a surge of retail investors.
This was also closely followed by Aave (AAVE) and Yearn.Finance (YFI) who saw price returns at 156% and 150% respectively. Aave’s growth was likely fueled by its protocol’s version 2 launch, while YFI’s growth was spurred by its merger and acquisition spree. In fact, YFI is already working with Pickle Finance (PICKLE), Cream (CREAM), Cover Protocol (COVER), Akropolis (AKRO) and SushiSwap (SUSHI).
Overall, November has been a productive month of growth for all coins in the market.
5. Total trading volume hit its highest monthly volume of $348 billion
Unfortunately - despite gains in trading volume in the industry, decentralized exchanges (DEX) experienced a $3.3 billion (-15.8%) drop in volume from October with a total trading volume of $17 billion. Both Uniswap and Curve Finance bore the brunt of the losses with a fall of $2.39 billion and $2.41 billion respectively. Meanwhile, Sushiswap is the only winner with a $1.1 billion increase, raising its dominance to its highest yet at 11% (previously 4%).
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Erina is CoinGecko’s market research analyst. Current expertise is finance and crypto - DeFi. Previously in research consulting and often did market analysis.