“The cryptocurrency market maintained its upward trajectory in November, culminating in an 11% increase in total market capitalization over the month,” the analysts said in a just-released report.
According to the research results, the market experienced an upswing throughout the first half of the month, and then entered a period of fluctuations.
“SOL and LINK cryptocurrencies led the top ten coins by market capitalization for the second month in a row, with November gains of 69% and 29%, respectively. Both coins also attracted a surge in institutional interest,” the experts write.
Transaction fees on the Bitcoin network have surpassed transaction fees on the Ethereum network, reaching the highest level in the last two years. Renewed interest in the Ordinals protocol has contributed to this growth, the report said.
DEX Solana volumes increased over the month by more than 166%. This coincided with an increase in overall daily activity and market capitalization of the SOL token, as well as DeFi TVL growth of over 101%.
Telegram bots remain the most popular way to exchange assets:
“Despite reduced media coverage in recent months, the sector continues to see robust activity and trading volumes.”
Meanwhile, Coindesk estimates that some of the tokens associated with the Terra 2.0 and Terra Classic ecosystems are up more than 10,000% year-to-date. Three tokens – Luna Classic (LUNC), Terra 2.0 (LUNA) and TerraUSD Classic (USTC) – jumped in price by 70% within a day.
Coinbase Global, the largest U.S. cryptocurrency exchange, reported its seventh straight quarter of losses to shareholders. Reason: decrease in transaction volumes on the trading platform.
Source: Bits
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