In this section, we have summarized notable events and upcoming token unlocks for the month. We hope this will help monitor key developments in the space and keep track of unlock events.Notable events in November 2023Source: Binance ResearchLargest token unlocks in US$ termsSource: TokenUnlocks, Binance Research#Latestcryptonews #newsTrading #newsbinance

Bitcoin dominance has been on an uptrendSource: CoinmarketcapBitcoin dominance, which measures the market capitalization of Bitcoin as a share of the total crypto market, rose to a high of 53.47% during the month, a level not seen since April2021. Bitcoin prices have been on a general upward trend throughout October, crossing the US$35K mark at one point. Just in October alone, Bitcoin prices have surged more than 28%, recording one of the best months for the asset we have observed in a while. Rising prices have contributed to an increase in Bitcoin dominance to a 2.5-year high.Optimism behind spot ETF approvals has driven Bitcoin prices higher, and the rally was also fueled by investors covering their short positions. For example, based on data from CoinGlass, Bitcoin saw more than US$275 million in short liquidations in a single day on October 23, 2023.Fun fact: the rise in Bitcoin dominance has coincided with the 15th anniversary of the Bitcoin whitepaper, which was published on October 31, 2008.

Monthly NFT trading volumeSource: CryptoSlamThe NFT market staged a rebound alongside the overall crypto market with sales volume reaching US$0.31B in October, recording an increase of 6.9% MoM. This provides some solace to NFT holders as the NFT market has been hit hard by the bear market. Nansen's NFT-500 index revealed a 58% decline on a year-to-date ("YTD") ETH basis, and the Blue-Chip-10 index dipped 50% YTD, dragged down by the relatively poor performance of profile picture NFTs, which have the highest market capitalization by category. Overall, the tough year for NFTs has continued, with categories tracked by Nansen being down between 50% and 65% YTD. However, as reflected in October data, we are starting to see a silver lining in the market as NFTs notched gains across most categories on a MoM basis except for art, which remained weak.#NFTMarketTrends

TVL share of top blockchainsSource: DeFiLlamaOverall, DeFi TVL recorded a notable increase of 8.8% MoM, breaking its downtrend momentum as participants took more risk driven by the euphoria in the crypto market over the impending approval of spot BTC ETFs. Increasing risk appetite among participants drove several notable growths in DeFi protocols such as JustLend, AAVE, and Compound Finance, which recorded MoM changes of 23.06%, 14.25%, and 12.22%, respectively.Tron, Arbitrum, and Solana were some of the top gainers in TVL, recording growth of 15.04%, 3.70%, and 17.26%, respectively. The EIP-7540 proposal was also introduced in October and is still in its early stages of discussion. EIP-7540 aims to be an extension to the current ERC-4626 tokenized vault standard, and its approval would ensure the possibility of asynchronous deposits and redemption flows, which could potentially benefit DeFi protocols on Ethereum.#DeFiLandscape

The crypto market witnessed an impressive 19% surge in total market capitalization in October, marking the second-largest monthly gain of 2023. The bullish momentum was largely propelled by the anticipation of a spot Bitcoin ETF approval, as well as short liquidations driven by price spikes. A testament to the optimistic sentiment around Bitcoin was its rapid ascent following Cointelegraph's erroneous report on October 16. Subsequent pivotal events, including the U.S. court's reaffirmation of the Grayscale case's previous ruling and the preliminary listing of Blackrock's spot Bitcoin ETF, IBTC, on the Depository Trust & Clearing Corporation ("DTCC"), further bolstered this optimism. These events collectively drove Bitcoin past the $35,000 level, revitalizing the broader crypto market.Monthly crypto market capitalization increased by 19% in OctoberSource: CoinMarketCapMonthly price performance of the top 10 coins by market capitalizationSource: CoinMarketCapMEvery coin within the top 10 concluded October in positive territory. Notably, SOL and LINK stood out from the pack, boasting monthly gains of 78% and 45%, respectively. Solana, given its robust performance, has erased the losses stemming from the FTX bankruptcy and has retraced in price back to November 2022's levels. This resurgence in confidence is underscored by the significant growth of its two primary staking protocols, Marinade Finance and Jito, with Marinade gaining 130% and Jito gaining 200% in monthly TVL. Meanwhile, LINK's surge seems intrinsically linked to Korean exchanges Bithump and Upbit, which collectively amassed 945K LINK amidst the coin's price surge. These factors, combined with the recent announcement of Staking 2.0, contributed to LINK's leading performance. Moreover, Bitcoin, fueled by the spot ETF narrative, marked a commendable 28% gain for the month.ADA shook off its September stagnation, posting a 21% uptick. Doge's traction this month can potentially be traced back to PEPE, another prominent meme coin. The recent maneuvers by the PEPE team have redirected some market attention towards meme coin trading. Furthermore, XRP experienced a notable rally, marking its largest single-day surge in three months, spurred by the news of the SEC withdrawing charges against Ripple's leaders.While TRX, ETH, and BNB didn't match the performance of some of their peers, they concluded October with respectable gains of 9.0%, 8.7%, 6.5%, respectively. Ethereum's subdued performance relative to Bitcoin was anticipated, given the prevailing market spotlight on the spot Bitcoin ETF. TON, contrasting its September rally, rounded off the month with a mere 0.09% increase.#etf #BTC #xrp #PYUSD #sol

Market InsightsThe crypto market, driven by optimism surrounding spot Bitcoin ETFs, witnessed an impressive 19% surge in total market capitalization in October, marking the second-largest monthly gain of 2023. Notable gainers included SOL, LINK, and BTC, concluding the month with price increases of 78%, 45%, and 28%, respectively.Bitcoin dominance hit a 2.5-year high of 53.47% in October, as optimism behind spot exchange-traded funds (“ETFs”) approvals and short liquidations propelled a rally in Bitcoin prices. In October alone, Bitcoin prices were up 28%.After two years of development, Scroll's eagerly awaited mainnet has launched, marking its place among the expanding roster of zkEVMs this year. While already attracting over US$26.6M in total value locked (“TVL”) and 43K users, Scroll is still in its infancy, with significant room to approach the billion-dollar benchmarks set by some of its Layer-2 (“L2”) counterparts.Uniswap Lab’s newly introduced interface fee has resulted in over US$647K collected in the two weeks since launch. The market share of Uniswap has remained relatively stable, and it is still the largest decentralized exchange by trading volume.Maker, the protocol behind the DAI stablecoin, has seen its annualized revenue surge and breach its all-time highs near US$200M. A significant driver of increased revenue has been Maker’s willingness to onboard real-world assets (“RWAs”) as collateral for DAI. Specifically, annualized revenues from RWAs are up 455% from October 2022 and are now responsible for the majority (66%) of Maker’s total annualized revenue.#BTC #BNB🔥 #Ethereum2025 #Solana📈🚀🌐 #link

$XRP $ADA $BTC Cryptocurrency markets, top digital assets are surging again, with Bitcoin (BTC) crossing the $35k mark.Additionally, the global crypto market cap has spiked by 2.1%, currently at $1.35 trillion. The bullish outlook has brought a lot of positive sentiment for the digital asset industry. With that said, let's look at the top cryptocurrencies to watch in November that are under $1.Top 3 cryptocurrency projects under $1XRP:Since the beginning of this year, XRP has surged by almost 77%. XRP's incredible performance this year gained additional momentum from a U.S. court ruling in the SEC vs. Ripple lawsuit that the cryptocurrency is not a security. The court's pro-XRP ruling has turned the asset attractive for many investors.Furthermore, XRP is continuing its rally from October and is currently up 8.7% over the last seven days. With BTC continuing its surge, there is a possibility that XRP will also follow suit.Cardano (ADA):Cardano (ADA), although an immensely popular cryptocurrency, has not had the best time in 2023.Since the beginning of the year, the token has risen by only about 24%. Rivals, such as Solana (SOL), on the other hand, have surged over 200% in the same time frame. However, ADA continues to dominate in the development aspect. Moreover, it is one of the few assets under $1 with potential for future growth.The token has surged over 6% in the last 24 hours and over 25% in the 14-day chart. ADA might continue its rally through November.Shiba Inu (SHIB)SHIB is one of the most popular cryptocurrency projects. The memecoin has turned many early investors into multi-millionaires. However, in 2023, its performance has been underwhelming. Since the beginning of the year, SHIB is down by almost 2.5%.Nonetheless, the expectation of a bull run in 2024 might lead to a surge in new investors for the asset in hopes of making big returns.The cryptocurrency is up by over 18% in 14-day charts and almost 10% in the last 30 days.#CryptoBullCycle #ShibaInuPriceForecast