Cryptocurrency Market Shows Resilient Growth in November
Date: 2023-12-05 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
Market Resilience
The cryptocurrency market demonstrated remarkable resilience in November, defying earlier concerns about its stability. According to the latest report from Binance, a leading cryptocurrency exchange, the market maintained an upward trajectory, culminating in a significant 11% increase in total market capitalization during the month.
Month of Fluctuations
The research findings reveal that the first half of November was characterized by a consistent upward trend. However, the market later entered a period of volatility, showcasing the dynamic nature of the cryptocurrency space.
SOL and LINK Leading the Way
Two digital assets, SOL and LINK, emerged as top performers for the second consecutive month in terms of market capitalization growth. In November, SOL saw an impressive surge of 69%, while LINK recorded a 29% increase. Notably, both tokens also attracted heightened institutional interest.
Bitcoin Transaction Fees Soar
Bitcoin transaction fees surpassed those of Ethereum, reaching their highest level in the last two years. This surge in fees was attributed to renewed interest in the Ordinals protocol, as highlighted in the report.
Solana's DEX Volume Soars
Solana's decentralized exchange (DEX) witnessed a remarkable 166% increase in trading volume over the course of a month. This coincided with the growth in daily activity and market capitalization of the SOL token, as well as a more than 101% increase in DeFi TVL.
Telegram Bots Remain Popular
Despite reduced media coverage in recent months, Telegram bots continue to be a popular method for asset exchange. The report notes sustained activity and trading volumes in this sector.
Terra Ecosystem Tokens Surge
Some tokens linked to the Terra 2.0 and Terra Classic ecosystems experienced staggering growth, with certain tokens appreciating by over 10,000% since the beginning of the year. Among them, Luna Classic (LUNC), Terra 2.0 (LUNA), and TerraUSD Classic (USTC) saw price spikes of 70% in just one day.
Coinbase Reports Ongoing Losses
Coinbase Global, the largest cryptocurrency exchange in the United States, announced its seventh consecutive quarterly loss to shareholders. This was attributed to a decline in trading platform activity, signaling potential challenges in the market.
