12 charts interpreting the crypto market in November NFT recovery is strong, most indicators continue to grow.

Analysing the Crypto Market in November 12 Charts Reveal Strong NFT Recovery, Ongoing Growth in Key Indicators

Author: The Block’s Research Director, Lars

Translation: Jordan, LianGuaiNews

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

In November, the total on-chain transaction volume of Bitcoin and Ethereum, after adjustments, increased by 29.8% to $255 billion. Among them, the adjusted on-chain transaction volume of Bitcoin increased by 21.2%, and that of Ethereum increased by a staggering 43.9%.

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In November, the on-chain transaction volume of stablecoins, after adjustments, continued to rise, reaching $596.5 billion with an increase of approximately 7.6%. The supply of issued stablecoins also increased, with a growth rate of 3.7% to $120.1 billion. Among them, the market share of the US dollar stablecoin USDT increased to 74.8% (compared to the previous three months, 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 with an increase of 30.1%. At the same time, Ethereum staking income 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 approximately 3.77 million ETH, worth about $10.51 billion.

In November, the on-chain NFT market on Ethereum experienced a significant increase in trading volume, reaching approximately $558 million, with an astonishing increase of 109.5%. The new NFT market, Blur, has surpassed OpenSea for the 10th consecutive month in terms of monthly trading volume and other indicators.

The spot trading volume of centralized exchanges (CEX) for compliance continued to show an amazing increase in November, reaching 52.8%, rising to approximately $445 billion.

In November, the spot market share rankings of major cryptocurrency exchanges are as follows: Binance at 69.7%, Coinbase at 11.3%, Kraken at 5.7%, BTSE at 5.4%, LMAX Digital at 2.9%.

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

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 in November increased by 4.9%, rising to $805 billion.

In November, the open interest for Bitcoin futures at the Chicago Mercantile Exchange (CME) increased by 23.3%, rising to $4.4 billion, and the daily average volume increased by 21% to approximately $2.34 billion.

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

In terms of cryptocurrency options, the open interest for Bitcoin and Ethereum options showed a general increase in November, with Bitcoin options seeing a small increase of only 0.8% and Ethereum options increasing by 5.4%. Additionally, in terms of options trading volume for Bitcoin and Ethereum, Bitcoin options trading volume decreased by 1.3% in November, falling to $32.3 billion; Ethereum options trading volume increased by 3.3%, reaching $14.5 billion.

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