- December 6, 2023
- Posted by: [email protected]
- Category:
According to the latest Binance monthly market insight report, the digital asset market experienced a robust 11% growth in November, led by the outstanding performance of Solana (SOL) and Chainlink (LINK). This surge contributed to the overall positive market outlook, propelling the total market capitalization beyond $1.5 trillion.
The month began with a bullish trend, witnessing a 12% surge in the first half, followed by a slight correction, characterized as an oscillation between bullish and bearish sentiments. October and November saw significant gains of 19% and 11%, respectively, indicating a strong end to the year and recovering losses from previous months influenced by broader macroeconomic factors.
In an unexpected shift, Bitcoin (BTC) outpaced Ethereum (ETH) in transaction fees last month, contrary to the usual pattern observed over several years. This deviation was attributed to increased network activity on Ethereum, driven by the higher concentration of decentralized applications on the blockchain. The trend persisted for nearly two-thirds of the month, reaching its widest point in two years. The surge in Bitcoin Ordinals, a popular non-fungible token associated with the market leader, played a significant role in driving network activity.
The bullish market conditions also led to a notable uptick in decentralized finance (DeFi) volumes, accompanied by the swift movement of institutional funds into digital asset products. The total value locked (TVL) across DeFi platforms witnessed an 11% surge in the past 30 days, with Solana (SOL) standing out with an impressive 56% increase.
Solana, considered a favorite among institutional investors, experienced weeks of record inflows even during a period of low altcoin figures. Ethereum, a leading altcoin, also attracted increased institutional inflow as its asset price surpassed the $2,000 mark. Optimism and Avalanche also recorded gains in DeFi TVL, with increases of 17% and 16%, respectively.
Notably, non-fungible token (NFT) volumes saw a significant turnaround from previous months, with November witnessing a 200% growth, reaching $0.91 billion. Overall, the report reflects the dynamic nature of the digital asset market, driven by emerging trends and institutional participation.
