12 Charts Decode the November Cryptocurrency Market NFTs Show Strong Recovery, Most Indicators Continue to Rise

Understanding the November Cryptocurrency Market 12 Charts Reveal Strong NFT Recovery and Promising Trends

Author: The Block Research Director Lars; Translation: Jordan, LianGuaiNews

Perhaps in anticipation of the upcoming bull market, most crypto industry indicators showed strong growth trends in the just-passed November. This article will use 12 charts to interpret the cryptocurrency market conditions over the past month.

In November, the total on-chain transaction volume of Bitcoin and Ethereum after adjustment increased by 29.8%, reaching $255 billion, with Bitcoin’s on-chain transaction volume increasing by 21.2% after adjustment, and Ethereum’s on-chain transaction volume increasing by a staggering 43.9%.

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The on-chain transaction volume of stablecoins after adjustment in November continued to rise, reaching $596.5 billion, an increase of about 7.6%. The supply of issued stablecoins also increased, with a growth rate of 3.7%, reaching $120.1 billion, of which the market share of the USD stablecoin USDT rose to 74.8% (an increase from the past three months of August, September, and October), while the market share of USDC continued to decline to 18.7%.

Bitcoin miner revenue also continued to grow in November, reaching $1.15 billion, an increase of 30.1%. At the same time, Ethereum staking revenue increased by 25.7% to a range of $158 million.

In November, the Ethereum network burned a total of 102,018 ETH, equivalent to $20.4 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned a total of about 3.77 million ETH, worth approximately $10.51 billion.

In November, the on-chain NFT market transaction volume on the Ethereum network saw a significant increase, reaching about $558 million, with a growth rate of 109.5%. The newly emerged NFT market, Blur, has surpassed OpenSea for the 10th consecutive month in terms of monthly transaction volume and other indicators.

The spot trading volume of centralized exchanges (CEX) with compliance centers continued to show astonishing growth in November, reaching 52.8% and reaching approximately $445 billion.

In November, the market share rankings of major cryptocurrency exchanges in the spot market 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%.

The average daily trading volume of Grayscale’s Bitcoin Trust Fund (GBTC) increased by about 30% in November, reaching $119 million, marking the first time since June 2022 that the monthly average trading volume has exceeded $100 million.

In terms of cryptocurrency futures, the open interest for Bitcoin futures rose by 10.3% in November, while the open interest for Ethereum futures rose by 19.2%; in terms of futures trading volume, Bitcoin futures trading volume grew by 4.9% in November, reaching $805 billion.

In November, the open interest for Bitcoin futures on the Chicago Mercantile Exchange (CME) increased by 23.3%, reaching $4.4 billion, with a daily average volume increase of 21% to about $2.34 billion.

In November, the monthly average trading volume for Ethereum futures rose to $449 billion, a growth rate of 48.2%.

In the cryptocurrency options market, the open interest for Bitcoin and Ethereum options saw a general increase in November, with Bitcoin options’ open interest only rising by 0.8% and Ethereum options’ open interest rising by 5.4%. Additionally, in terms of trading volume, Bitcoin options’ trading volume decreased by 1.3% in November, falling to $32.3 billion, while Ethereum options’ trading volume increased by 3.3% to $14.5 billion.

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