Discover the latest market insights and trends in CMC’s Monthly Report, which covers the crypto market overview, DeFi, NFTs, stablecoins, VC fundraising and more.
The total crypto market cap reached $1.42 trillion at the end of November, representing a 13.28% MoM. The market activities and the spot market trade volume have both increased to a healthy level, similar to April/May this year.
The CMC Crypto Fear and Greed Index, which represents the market sentiment on the top large cap coins, has reached 73 (Greed), the highest YTD.
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Total crypto trade volume remains elevated as BTC rallies
Top Performers in November 2023 (Top 200 Coins)
USTC leads top gainers in large to mid caps
Decentralized exchanges experienced volume decrease in November
Lending TVLs increased to over $18.36 billion
Lending TVLs experienced a positive month across the board, with 10.3% MoM increase in the total Lending TVLs. Although there is not much change in the largest lending DApps such as AAVE, other smaller lending protocols seem to be gaining a growing share of TVL.
Layer 1 & Layer 2 Overview
Souce: CMC; StakingRewards; Defillama
Ethereum generated the most revenue this month with $198.8 million, and with the increased activities on the network, aka increased gas fees being burnt, ether has switched back into deflationary. Solana and Tron have both experienced large increases in network activities this month.
Source: CMC; Defillama; StakingRewards; Etherscan; BscScan; Solscan; Polygonscan
Solana leads in terms of average daily transactions (non-vote), as activity in the SOL ecosystem picks up following a resurgence. However, BNB Chain leads in total number of daily active addresses, suggesting more users are utilizing the blockchain.
DeFi and NFTs
Source: CMC; Defillama; Cryptoslam; ElectricCapital
Ethereum maintains its lead in terms of DEX volume, stablecoin market capitalization, total value borrowed and NFT volume. However, Solana is second in terms of NFT volume, suggesting a vibrant NFT ecosystem.
Layer 2 Overview
NFT Market Update
Bitcoin surpassed Ethereum in total trade volume for November
BRC-20 collection SATS and RATS takes top spot
In November, Bitcoin Ordinals collection $SATS and $RATS overtook Bored Ape Yacht Club (BAYC) and CryptoPunks in terms of trading volume for November, generating $95 million and $48 million in sales volume respectively.
Topic of the Month: The Rise of SOL Ecosystem
Solana’s DeFi and Liquid Staking TVL Surges
Comparing Solana’s price performance and its TVL, we see that LSD flows are in larger magnitudes compared to DeFi flows even during price increases, highlighting the popularity of liquid staking of SOL. This comes as major liquid staking protocol Jito announces a retroactive airdrop of governance token, JTO.
Looking at the NFT landscape, although the blue-chip index floor fell to ~35 SOL in mid-November, it has since been climbing back up slowly for the rest of the month. Volumes remained relatively stable at the first half of the month, but surged towards the end reaching highs of over 150K SOL.
From the list of DApps ranked based on the number of Unique Active Wallets (UAW), we see that there is a positive growth for most of the DApps on Solana, representing an increased user interest and activity in their entire ecosystem.
Overall, the increased interest in Solana’s ecosystem is likely reinforced by the surge in SOL’s value. This is coupled with the protocols such as Pyth Network, Jupiter, and Jito announcing their airdrop, generating greater users’ interest in joining the ecosystem.
Fundraising Analysis in November
Fundraising in November hit 1.05B, a significant increase from last month by more than 2x MoM while signifying a growing trend from the past 3 months. Looking at the different categories invested this month, CeFi took the 2nd largest share by dollar value invested, unlike the usual trend.
Spartan Group was the most active VC for this month with 2 lead investments. a16z is the only other active VC this month that has 2 lead investments as well.
Notable investments this month:
Raise Amount: $3.5M
Funding Round: Undisclosed
Investors: Kyber Capital, The Spartan Group, ParaFi Capital, SkyBridge Capital, Kraynos Capital, Deep Ventures, Modular Capital, Tane, Robot Ventures, Santiago R. Santos, Alex Klokus
About: Kinto is the first KYC’ed L2 on Ethereum, focused on providing safe and insured access to financial services. Kinto is non-custodial, transparent, permissionless, and governed by the community while providing AML and fraud monitoring at the blockchain level.
Raise Amount: $20M
Funding Round: Undisclosed
Investors: Paradigm, Standard Crypto, eGirl Capital, Manifold, Santiago R. Santos
About: Blast is a Layer 2 built using optimistic rollups that provide additional yield for users and developers by converting the ETH and stablecoins deposited into Blast through Lido and MakerDAO’s T-bill protocol to earn liquid staking fees and Treasury Bill yields.
Raise Amount: $7M
Funding Round: Seed
Investors: Greenfield Capital, Hashkey Capital, gumi Cryptos Capital (gCC), L1 Digital, Heartcore Capital, Comma3 Ventures, Zee Prime Capital
About: Panoptic is the first perpetual, oracle-free options protocol built on the Ethereum blockchain that achieves this through the use of liquidity on Uniswap v3.
New CMC Products
Comprehensive Crypto Fund Tracking
Bitcoin Halving Countdown
CMC now prominently displays an accurate, real-time countdown banner for the next Bitcoin halving event on its homepage. As the halving approaches, the countdown timer on CMC keeps users updated on exactly when this occasion will occur down to the second. It calculates the remaining time until halving based on up-to-date blockchain data on the latest BTC block height.
CoinMarketCap Mobile App Upgrades User Charting Capabilities