Binance – Monthly Market Insights, Nov 2023

In November 2023, the cryptocurrency market experienced a 19% increase in total market capitalization, driven by optimism surrounding spot Bitcoin ETFs. This marked the second-largest monthly gain of the year. Notable gainers during this period included SOL, LINK, and BTC, with price increases of 78%, 45%, and 28%, respectively. Bitcoin dominance reached a 2.5-year high of 53.47%, as the approval of spot ETFs and short liquidations fueled a rally in Bitcoin prices. In October alone, Bitcoin prices were up by 28%. Scroll, a project that has been in development for two years, launched its eagerly anticipated mainnet. With over US$26.6 million locked in value and 43,000 users, Scroll is still in its early stages but has the potential to achieve billion-dollar benchmarks like its Layer-2 counterparts. Uniswap Lab introduced an interface fee that has collected over US$647,000 within two weeks of its launch. Despite this, Uniswap remains the largest decentralized exchange by trading volume, and its market share has remained relatively stable. Maker, the protocol behind the DAI stablecoin, has seen a surge in annualized revenue, reaching all-time highs near US$200 million. Onboarding real-world assets as collateral for DAI has been a significant driver of this increased revenue. Annualized revenues from real-world assets have increased by 455% since October 2022 and now account for 66% of Maker's total annualized revenue.