News recap: bullish signals from stablecoins

Crypto market in numbers

The cryptocurrency market capitalisation has predictably corrected, dropping by 1.3% to $1.42 trillion since 15th November. Notably, altcoins led the correction. The market is awaiting a fundamental push.

Trading activity remained high, with daily volumes ranging between $50 – $60 billion since 15th November, occasionally dipping below $40 billion. November has been the best month, in terms of trading volumes since March 2023.

The cryptocurrency Fear and Greed Index remains in the “Greed” zone, increasing by 23.3% to 74 points since 15th November. Market participants’ sentiments suggest a slightly overheated market.

Cryptocurrency volatility has noticeably decreased. The 30-day volatility index for BTC has dropped by 43.6%, from 2.11% to 1.19% since 15th November. A similar metric for ETH decreased by 7.9%, from 2.13% to 1.96%.

Crypto assets found their “resistances.” Despite this, bitcoin reached another yearly high, finally surpassing $38,000. However, it failed to sustain above this level. There were no subsequent short squeezes and liquidity remains high. The market is still anticipating the approval of spot bitcoin ETFs in the near future, preventing cryptocurrencies from undergoing deeper corrections.

November ended with nearly a 9% increase for bitcoin and a 10.9% rise for the entire crypto market. Digital assets have been growing for three consecutive months. Mid-term traders should exercise caution and be mindful of risks. The upcoming month will be ambiguous – over the past 10 years, cryptocurrencies have experienced price declines in December in 60% of cases.

Gainers (14th – 28th November)

Losers (14th – 28th November)

Easily track gainers and losers within the Simple trade section on EXMO.com. Check real-time updates in the last 24 hours, week and month.

Most traded coins (14th – 28th November)

Top crypto market driving factors

Overall сrypto market

▲ 20.11.2023 – The total market capitalisation of stablecoins is steadily growing again, historically signalling a bullish trend for the market.

▲ 21.11.2023 – The volume of the global M2 money supply continues to rise. In connection with this, analysts predict an increase in the crypto market.

▲ 21.11.2023 – 10T Holdings CEO, D. Tapiero, is confident of the inevitable spread of cryptocurrencies and blockchain, as the interest of financial giants is increasing.

▲ 22.11.2023 – Trading volumes on centralised crypto exchanges in November have already reached $613 billion, the best result since March 2023.

▲ 23.11.2023 – Raiffeisen Bank will launch crypto trading for retail clients in January 2024.

▲ 27.11.2023 – Over the past two weeks, the total supply of stablecoins has increased by $2.2 billion.

▲ 29.11.2023 – The SEC has started gathering public feedback regarding spot bitcoin ETFs.

Bitcoin (BTC)

▲ 16.11.2023 – Tether plans to invest around $500 million in BTC mining over the next 6 months.

▼ 16.11.2023 – Glassnode notes that the RSI in BTC indicates a possible temporary reluctance to grow.

▼ 16.11.2023 – The SEC has postponed decisions on bitcoin ETFs from Hashdex and Grayscale.

▲ 17.11.2023 – According to IntoTheBlock, bitcoin’s adoption rate has reached 67%, which is the annual maximum.

▲ 17.11.2023 – In the last month, 1.5 million new addresses with balances less than 1 BTC have appeared in the Bitcoin network.

▼ 17.11.2023 – The number of wallets with balances of 1 to 100 bitcoins has decreased by 118 units, and the number of whales holding over 100 coins has decreased by 19.

▲ 20.11.2023 – The market for spot bitcoin ETFs could grow to $100 billion in the coming years, according to Bloomberg Intelligence.

▲ 20.11.2023 – The annual active supply of Bitcoin has reached a nearly 13-year low at 29.7%.

▼ 20.11.2023 – JPMorgan believes that the topic of spot BTC-ETFs is already in the market, and actual approval could be a “sell the news” event.

▲ 22.11.2023 – For the first time in bitcoin’s history, more than 70% of the 19.55 million coins already mined have not moved from their addresses for over a year.

▲ 27.11.2023 – As a result of the bitcoin mining difficulty recalculation, it has increased by 5%. The indicator set a new maximum at 67.96 T.

▼ 28.11.2023 – Santiment believes that profit-taking by short-term holders has intensified in Bitcoin.

▼ 28.11.2023 – The SEC has postponed the consideration of the application for a spot bitcoin ETF from Franklin Templeton.

▲ 29.11.2023 – Franklin Templeton has updated its application for a spot bitcoin ETF.

Ethereum (ETH)

▼ 16.11.2023 – The SEC has postponed the consideration of the application for a futures ethereum ETF from Grayscale, as confirmed by Form 19b-4.

▲ 21.11.2023 – Santiment notes a sharp activation of users in the Ethereum network. The number of unique addresses has almost reached a peak in the last 2 months.

▲ 21.11.2023 – On centralised crypto exchanges, there is currently just over 8% of all ether in circulation.

▲ 24.11.2023 – For the first time in 9 months, wallets with balances of 10,000 ETH or more have been accumulating ETH for 9 consecutive days.

▼ 27.11.2023 – In the Ethereum network, there have been no new volunteers to become validators four times in the last week.

▼ 29.11.2023 – According to Lookonchain, in the last couple of days, ether worth $58 million has been transferred to various crypto exchanges.

Solana (SOL)

▲ 16.11.2023 – During an interview with CNBC, ARK Invest CEO, Cathie Wood, spoke about the potential of the Solana blockchain and praised its “good work.” As a result, SOL rose by more than 20%.

▲ 20.11.2023 – The best month in the history of Solana: ATH for monthly volume on DEX – $4.4 billion; ATH for weekly volume on DEX – $1.9 billion; yearly maximum SOL – $68.

▲ 22.11.2023 – DEX on Solana in the first 22 days of November broke all records for volumes, making $5.45 billion.

▲ 24.11.2023 – The number of active addresses in the Solana network surpasses the corresponding Ethereum indicator: over 400,000 compared to 350,000.

In November, Solana consistently processed more transactions than Ethereum: 51.63 million versus 1.07 million.

Dogecoin (DOGE)

▲ 22.11.2023 – Experts from IntoTheBlock note a sharp increase in the number of active addresses in the Dogecoin network. Since the beginning of November 2023, the indicator has grown by 87%.

▲ 28.11.2023 – The number of addresses with a non-zero balance in the Dogecoin network has exceeded 5 million.

Polkadot (DOT)

▲ 16.11.2023 – Polkadot is launching decentralised futures on its network.

Sui (SUI)

▲ 21.11.2023 – The volume of locked value in Sui has set a record – $160.2 million.