.jpg)
November was a largely positive month for the top cryptocurrency assets, with Bitcoin, Ethereum and Solana all reaching new all-time highs, respectively, as 30-day volatility continued to increase.
Price aside, Ethereum also saw its fees rise to record levels in November, with both total monthly fees and average fee per transaction reaching new all-time highs respectively.
In other news, Bitcoin experienced its first mining difficulty drop since July on the 28th of November - prior to this, mining difficulty had been steadily increasing, a trend which has historically been positively correlated with Bitcoin's price.
The full Asset Report is available for download here.
Key takeaways:
- Monthly volumes across the two largest Bitcoin markets (BTC/USD and BTC/USDT) fell 16% to $199bn and 8% to $56.7bn, respectively, in November. This trend was also consistent across other major cryptocurrency markets.
- Fees spent on the Ethereum network continued to rise in November and reached another monthly all-time high of $1.82bn, a 34.6% growth from October. The average fee per transaction also rose to an all-time high of $48.33.
- The total number of transactions in the Bitcoin Network fell 1.79% to 8.30mn in November, despite the long-anticipated Taproot soft fork which added smart contract functionality to the Lightning Network and aimed to lower transaction costs.
- 30-day volatility amongst the top crypto assets increased in November, with SOL continuing its run as the most volatile asset with a volatility of 110%, an increase from 88.7% the month prior.
Bitcoin Volumes Stagnate in November
Monthly volumes across the two largest markets (BTC/USD and BTC/USDT) fell 16% to $199bn and 8% to $56.7bn, respectively, in November. This trend was also consistent across other major cryptocurrency markets.
Average Transaction Fees On Ethereum Reach All-Time High
Fees spent on the Ethereum network continued to rise in November and reached another monthly all-time high of $1.82bn, a 34.6% growth from October. The average fee per transaction also rose to an all-time high of $48.33.
Solana TVL Continued To Grow In November
DeFi activity on the Solana blockchain continued to grow, albeit at a slower pace – 15.8% growth from October to $14.4bn, compared to 35.0% in October and 177% in September.
Cardano Blockchain Activity Increased Significantly In November
Activity on the Cardano blockchain picked up considerably in November, with a 4x growth in daily active addresses to 216k. This also came with a reduction of average transaction fees, from $0.45 in October to $0.38 in November.
Ripple Sees Spike in Total Transactions and Account Creation on Network
Ripple saw increased activity in its network in the month of November. Total transactions on the Ripple network grew 23.1% in November to 53.3mn, while account creation also rose 11.8% to 237k.
