Coingecko Crypto Market Report Highlights Bitcoin’s Reign In November; DEX Use Dropped 15%

  • The Crypto market cap hits a yearly high at $554B as BTC reaches an all-time high price.
  • XRP, AAVE, and ETH also recorded impressive performances across November.
  • Trading volume, derivatives volumes, and open interest also set new yearly highs.

The month of November was a successful one for cryptocurrency bulls as the price of Bitcoin (BTC) set an all-time high, pushing up the altcoin market along with it. In its monthly report, Coingecko, a crypto data analysis firm, states that the overall crypto market capitalization hit a yearly high of $554 billion in November too. Other metrics such as derivatives trading, open interest, and trading volumes also set record highs last month.

However, the total monthly value of decentralized finance (DeFi) attacks rose to $70 million across five projects during November, with only $2.5 million being recovered.

According to Coingecko’s Nov 2020 monthly report, the top 30 largest crypto tokens, led by Bitcoin and Ethereum, grew over 46% in November to $554 billion, the highest yearly mark. The surge in market capitalization is heavily influenced by BTC’s rise to ATH prices of $19,886 on November 30th, and ETH ran past $630, its highest price in over two years.

The report explained the healthy crypto market as “institutional-led” as corporations such as Blackrock and the S&P 500 recognize Bitcoin as an investment asset. Bitcoin’s market dominance reached a high of 65.7% in November, representing a 1.5% drop as other top coins – ETH and XRP gained 1.1% and 2.6%, respectively – in dominance.

XRP, in particular, was the stand-out star registering a 177% month-on-month increase as retail investors rushed to purchase the third-largest crypto. Other standout coins include AAVE (LEND) and Yearn Finance Token (YFI), who recorded an impressive 156% and 150% last month, respectively.

The trading volume on exchanges also spiked during November – surging 72.8% – as CryptoCompare report shows. The top-ranked exchanges recorded $616 billion in total crypto traded as Bitcoin trading volumes increased by 59% last month to over $300 billion.

Binance, the largest crypto exchange in trading volume, recorded over $176 billion in volume, representing a 133% increase. Huobi, OKEx, Coinbase, and Kraken rounded up the top five centralized exchanges in trading volume across November.

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Image: Coingecko

Trading volumes across the top-7 centralized and decentralized exchanges increased by a staggering $172 billion (97.8% increase), hitting the 2020 high of $348 billion monthly volume. However, DEXes saw a slight decrease of $3.3 billion in trading volumes across the month.

Derivatives trading volumes also witnessed copious growth, doubling across November. According to CryptoCompare, the total derivatives volume rose 108% last month to $1.32 trillion, showing an increase in investors’ interest in making future bets on cryptocurrencies. The surge in derivatives volumes sees the futures and options market capture 60% of the total crypto market, representing a 7% increase from October.

Notwithstanding, Bitcoin’s perpetual swaps open interest set a new yearly high at $3.1 billion on November 23, representing a 21% jump from November 1. Binance led the charts with a total OI of $845 million, followed by Bybit exchange with $700 million, representing a monthly growth of 40% and 39% respectively.

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Author: Lujan Odera

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