Binance Crypto Monthly Report: Cryptocurrency market cap continues to rise, Bitcoin transaction fees surpass Ethereum

Binance has released its cryptocurrency market analysis report for November. In November, the total market capitalization of cryptocurrencies continued to rise. In addition to the significant increase in prices, institutional investors are also actively participating in the market. The rise of Ordinals protocol has led to Bitcoin transaction fees surpassing Ethereum. Furthermore, the active development of the Solana on-chain ecosystem has also led to a 69% monthly increase in SOL, making it a standout performer among the top ten tokens by market capitalization for two consecutive months.

Cryptocurrency Total Market Value Continues to Rise

In November, the total cryptocurrency market value increased by 11%, ranking second only to the 30.4% in January and 19% in October this year.

SOL and LINK have been the top performers in the top ten tokens by market capitalization for the second consecutive month, with monthly gains of 69% and 29% respectively. These two tokens have also attracted the interest of institutional investors, as evidenced by the high premiums of up to 800% for GSOL and 200% for GLINK related trusts from Grayscale.

Grayscale has been in communication with the SEC, with GBTC discount narrowing and GLNK premium reaching as high as 223%.

VanEck is bullish on Solana valuation: predicting a target price of $3,211 by 2030.

The leading cryptocurrencies Bitcoin and Ethereum also saw increases of 9.74% and 12.1% respectively.

Solana Chain Shines the Brightest

The TVL of DeFi also grew by 10% compared to the previous month. Solana's DEX trading volume increased by over 166%, while the daily activities and market value of SOL tokens have also risen. Recent activities and attention generated by airdrops from Pyth Network, Jupiter Exchange, and Jito Network, along with incentive programs implemented by other major Solana DeFi protocols, have been key drivers of its increased activity. The hype surrounding SPL-20 tokens has also created Solana's own spot market, which is another factor.

Solana chain's ecosystem is active, with the largest aggregator protocol Jupiter preparing for airdrop.

Solana's largest third-party client Jito will issue governance token JTO.

Avalanche's growth is attributed to the decentralized finance protocol Benqi, while Tron and Base have each decreased by 4% and 2%.

NFT Market Sees Significant Reversal

The long-dormant NFT market experienced a crucial turnaround in November, reversing the downtrend seen throughout the year. An important driver of the NFT sales recovery was the Bitcoin art collection SATS, with sales soaring to $93 million, surpassing BAYC's $42 million and CryptoPunks' $29 million.

Bitcoin Transaction Fees Surpass Ethereum

Bitcoin transaction fees have exceeded those of Ethereum, reaching the highest point in over two years. The renewed interest in the Ordinals protocol has driven increased activity in Bitcoin and demand for block space.

Bitcoin transaction fees skyrocket nearly 1000% due to Ordinals popularity, BTC NFT market surpasses Ethereum.

Polygon Continues Development in zkEVM

Polygon zkEVM achieved a significant milestone in November, with its TVL soaring to $107.8 million, a quarterly increase of 47.2%. This growth is driven by a series of key developments and Polygon's continued focus and progress in the ZK space, sparking increasing interest in its ecosystem and indicating an optimistic outlook for Polygon zkEVM.

Telegram Bots Remain Popular

Telegram bots remain popular among users. Despite a decrease in media coverage in recent months, activities and transaction volumes in the industry continue to grow. Maestro and Banana Gun remain the largest Telegram trading bots, accounting for over 83% of the total trading volume.

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