CoinGecko, the world’s leading independent cryptocurrency aggregator, has just released its November 2020 Report. In their analysis of the market, CoinGecko highlighted Bitcoin’s price reaching its new All-Time High (ATH) at $19,725. The new ATH comes 3 years after its previous high of $19,665. It is likely due to the stream of institutional investors as well as the anticipation for the launch of S&P Dow Jones Indices set for 2021.
Overall, the news of mainstream adoption has helped to promote a more positive sentiment towards cryptocurrency, particularly Bitcoin.
- The market recorded another yearly high at $554 billion, surpassing its previous high at $378 billion for 2020
In November, the market 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 an amazing increase of 82% from the previous month.
The rally was led by institutional investors and mainstream media as more recognised the opportunities in adopting crypto.
- Bitcoin Perpetual Swap Open Interest (OI) reaches a high of $3.1 billion on 23rd November
With Bitcoin’s recent rally comes volatility and along with it an uptick in market participation on Bitcoin Perpetual Swaps. The open interest (OI) for top exchanges hit a new 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 sharks of November with a massive growth of 40% and 39% increase in OI respectively.
- Alts showed strength as XRP, AAVE and YFI had more than 150% return
Moving on, while Bitcoin rallied with a 42% increase in November, 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 of 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.
Overall, November has been a productive month of growth for all coins in the market.
- Trading volumes across crypto exchanges hit its highest monthly volume of $348 billion, though DEXs dropped $3.3 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.
Both Uniswap and Curve bore the brunt of the losses with a fall of $2.39 billion and $2.41 billion respectively. Meanwhile, Sushiswap is the only winner with a $1.1 billion increase, raising its dominance to its highest yet at 11% (previously 4%).