A November to Remember (CoinGecko's Monthly Report)

Hey there, Geckos!

Our November Monthly Report is here!

It’s been quite a roller coaster ride this past month with so much going on in the crypto space. To name a few, 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:

1. The market recorded another yearly high at $554 billion, surpassing its previous high at $378 billion for 2020
2. Bitcoin price recorded a new ATH at $19,725 on 30th November, replacing its previous high at $19,665 after 3 years
3. Bitcoin Perpetual Swap Open Interest (OI) reaches a high of $3.1 billion on 23rd November
4. Alts showed strength as XRP, AAVE and YFI had more than 150% return
5. Trading volumes across crypto exchanges hit its highest monthly volume of $348 billion, though DEXs dropped $3.3 billion

1. Crypto Markets records 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.

2. 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.

3. Bitcoin Perpetual Swap Open Interest reaches a new high

The open interest (OI) for top exchanges hit a new yearly high of $3.1 billion on the 23rd of November. Despite closing the month slightly lower at $2.7 billion, it still represented a 21% increase in terms of month-on-month growth.
Binance and Bybit emerged as the November sharks with a massive growth of 40% and 39% increase in OI respectively.

4. Alts showed strength as XRP, AAVE and YFI had more than 150% returns

Moving on, 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.

5. 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. 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