12 Charts Explaining the November Crypto Market: Strong NFT Recovery, Most Metrics Continue to Grow
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12 Charts Explaining the November Crypto Market: Strong NFT Recovery, Most Metrics Continue to Grow
The total on-chain transaction volume for Bitcoin and Ethereum, adjusted, increased by 29.8% overall, reaching $255 billion.
Navigating Web3 tides with focused insightsAuthor: Lars, Head of Research at The Block
Translation: Jordan, PANews
Perhaps in anticipation of the next bull market, most cryptocurrency industry metrics showed strong growth in November. This article uses 12 charts to analyze the state of the crypto market over the past month.
In November, the adjusted total on-chain transaction volume for Bitcoin and Ethereum rose 29.8% overall, reaching $255 billion. Specifically, Bitcoin’s adjusted on-chain transaction volume increased by 21.2%, while Ethereum’s surged by 43.9%.
Adjusted stablecoin on-chain transaction volume continued rising in November, climbing 7.6% to $596.5 billion. The total issued stablecoin supply also grew by 3.7% to $120.1 billion. USDT maintained a dominant market share of 74.8%—an increase compared to August, September, and October—while USDC’s market share declined further to 18.7%.
Bitcoin miner revenue further increased in November, rising 30.1% to $1.15 billion. Meanwhile, Ethereum staking revenue grew 25.7%, reaching approximately $158 million.
In November, a total of 102,018 ETH were burned on the Ethereum network, equivalent to $204 million. Since the implementation of EIP-1559 in early August 2021, approximately 3.77 million ETH have been burned cumulatively, worth around $10.51 billion.
Ethereum NFT market trading volume saw a significant rise in November, increasing 109.5% to approximately $558 million. Blur, the emerging NFT marketplace, has now outperformed OpenSea for ten consecutive months across key metrics including monthly trading volume.
Spot trading volume on compliant centralized exchanges (CEX) continued its remarkable upward trend in November, jumping 52.8% to about $445 billion.
The spot market share rankings for major cryptocurrency exchanges in November were as follows: Binance at 69.7%, Coinbase at 11.3%, Kraken at 5.7%, BTSE at 5.4%, and LMAX Digital at 2.9%.
Grayscale’s Bitcoin Trust Fund (GBTC) daily average trading volume rose approximately 30% in November, reaching $119 million—the first time monthly average volume has exceeded $100 million since June 2022.
In crypto futures, open interest for Bitcoin futures rose 10.3% in November, while Ethereum futures open interest increased 19.2%. In terms of futures trading volume, Bitcoin futures trading volume grew 4.9%, reaching $805 billion.
CME Group’s Bitcoin futures open interest increased 23.3% in November, reaching $4.4 billion. Daily average trading volume rose 21%, reaching approximately $2.34 billion.
Ethereum futures average monthly trading volume rose to $449 billion in November, an increase of 48.2%.
In cryptocurrency options, both Bitcoin and Ethereum open interest rose broadly in November. Bitcoin options open interest saw only a modest increase of 0.8%, while Ethereum options open interest grew 5.4%. In terms of options trading volume, Bitcoin options trading volume declined 1.3% in November to $32.3 billion, whereas Ethereum options trading volume rose 3.3% to $14.5 billion.
[Disclaimer] Markets are risky; invest with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions presented herein are suitable for their particular circumstances. Investment decisions based on this information are at the reader’s own risk.
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