Hey there, Geckos!
Our November Monthly Report is here!
It’s been quite a month with so much going on in the crypto space. Bitcoin 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.
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
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Crypto Markets record 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.
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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.
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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.
Binance and Bybit emerged as the November sharks with a massive growth of 40% and 39% increase in OI respectively.
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Alts showed strength as XRP, AAVE and YFI had more than 150% returns
Moving on, while Bitcoin rallied with a 42% increase in November, other major altcoins also displayed strength. 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 and 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, Cream, Cover Protocol, Akropolis and SushiSwap.
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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 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%).
Read our full report here: https://gcko.io/xvd3g8d
