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The crypto market sustained its upward trajectory in November, culminating in a 11% month-on-month (“MoM”) increase in total market capitalization. The market experienced a dynamic surge throughout the first half of the month, then entered into a period of fluctuations. SOL and LINK emerged as the leading performers among the top ten coins by market capitalization for the second consecutive month, with MoM gains of 69% and 29%, respectively. Both coins also saw a surge in institutional interest, evidenced by GSOL trading at an 800% premium and GLINK at a 200% premium.
Transaction fees on Bitcoin have exceeded those on Ethereum, widening to the broadest point seen in over two years. Renewed interest in the Ordinals protocol has contributed to increased activity on Bitcoin and demand for block space.
Solana’s DEX volumes grew by over 166% between October and November. This has coincided with a rise in general daily activity and market cap of the SOL token, as well as a rise in DeFi TVL of over 101%. The activity and attention generated from the recent Pyth Network, Jupiter Exchange, and Jito Network airdrops, alongside the points programs implemented by other major Solana DeFi protocols, have been crucial drivers for increased DEX activity. The recent hype surrounding SPL-20 tokens, which have created Solana’s own inscription market, has also been a contributing factor.
Polygon zkEVM marked a major milestone in November, as its TVL surged to US$107.8M – a notable 47.2% increase MoM. This increase, driven by a series of key developments along with Polygon's continued focus and progress in the ZK space, is generating increased interest in its ecosystem, suggesting a positive outlook for Polygon zkEVM.
Telegram bots remain popular among users. Despite dwindling media coverage in recent months, the sector has continued to see sustained activity and trading volumes.
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