Bitcoin at the Outsider: ETH became the fastest growing asset in November

CONTENT

Top 20 cryptocurrencies showed significant price increases in November
Open interest in cryptocurrencies is constantly increasing
Cryptocurrency derivatives market hits record highs

International consortium of news organizations developing transparency standards.

November has become one of the most favorable months for cryptocurrencies. Over the past 30 days, almost all cryptocurrencies from the top 20 have grown in value, and the ETH has become the leader.

Ethereum is steadily rising in price

In early November of this year, the price of bitcoin reached a record high of $ 19,915. However, the main cryptocurrency failed to break through the $ 20,000 mark. Over the past 30 days, MTC has grown in price by 42%, and since the beginning of the year its value has increased by 63%. This is stated in the November analytical report from Binance.

“Thanks to the success of Bitcoin, large-cap altcoins have performed equally well in offering investors opportunities to diversify. As a result, the entire cryptocurrency economy has grown significantly, and the market capitalization of all digital assets in circulation has crossed the $ 560 billion mark, ”the report said..

Ethereum, the second largest cryptocurrency, also experienced phenomenal growth, gaining over 59% in November. The anticipation of the launch of ETH 2.0 created excitement around the project and led to a sharp surge in volatility. At the time of writing, Ethereun is trading in the $ 590 to $ 600 range. Ethereum’s market cap surpasses $ 65 billion.

Another major player in the market, token As the use of cryptocurrencies increases, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More XRP, has recovered from a multi-year decline after a significant jump in prices of more than 177%. The cryptocurrency more than tripled in November from a low of $ 0.22 to a high of $ 0.78. Despite criticism of the company from experts, XRP holders believe that the token will rise in price amid interest in Ripple technology from companies.

The derivatives market continues to grow

The Bitcoin boom has sparked a surge in futures trading volume on major exchanges. Binance Futures celebrated its highest daily trading volume on Thursday, November 26, at over $ 37 billion. Binance Futures’ total trading volume surpassed $ 450 billion in November, the highest monthly volume since inception.

Binance derivatives exchange daily trading volume

Bitcoin at the Outsider: ETH became the fastest growing asset in November

Bitcoin contracts accounted for the majority of trading volume in November, averaging over 60% of the total in the first two weeks. Volumes shifted to altcoin contracts in the last two weeks of November as traders ramped up positions in ETH ahead of the launch of the second version of the protocol.

Trading volume in futures on the BTC and ETH

Open interest on Binance hit an all-time high of over $ 2.6 billion, the largest in the industry to date. Average daily open interest rose to $ 1.9 billion in November, up 58% from $ 1.2 billion in October.

A rise in prices coupled with an increase in open interest may indicate an influx of new money into the market. This could be a sign of bullish sentiment if long positions are fueling a rise in open interest.

Open interest in cryptocurrency in November

Overall, November became one of the best months for the cryptocurrency market and contributed to an increase in the total capitalization of the cryptocurrency sector..

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