Binance presents analytical report for November 2023

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Binance Research presents analytical report for November 2023

Binance Research, the analytical arm of the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider Binance, has published its monthly cryptocurrency market analysis report for November 2023, noting the dynamic changes in the market.

The total market capitalization of cryptocurrencies showed an increase of 11% during the month, which was driven by active market dynamics, which was particularly noticeable in the first half of November, after which the market entered a period of fluctuations.

In this context, two key players – SOL and LINK – stood out, demonstrating the largest increases among the top ten cryptocurrencies. In particular, SOL grew by 69%, while LINK grew by 29%. These gains were reflected in significant institutional interest, as seen in the prices of GSOL and GLINK, which reached 800% and 200%, respectively.

It is worth noting that transaction fees in Bitcoin have exceeded those of Ethereum, showing the largest difference over the past two years, which indicates renewed interest in the Ordinals protocol and growing activity on Bitcoin.

The Solana marketplace also saw a 166% increase in DEX volume between October and November. This was accompanied by an increase in daily activity and market capitalization of the SOL token, as well as an increase in DeFi TVL by over 101%.

Polygon zkEVM took an important step forward in November, increasing its total blockchain blockchain funds (TVL) to USD 107.8 million, representing a 47.2% month-over-month increase. This progress, driven by key developments and Polygon’s focus on the ZK space, is driving growing interest in its ecosystem.

Despite the decline in media activity, Telegram bots continue to be the focus of users’ attention, maintaining stable activity and trading volumes.

These developments underscore the dynamic and evolving nature of the cryptocurrency market, which continues to attract the attention of investors and analysts around the world.

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