All the attention of market participants was focused on the collapse of crypto exchange FTX and hedge fund Alameda Research, which led to a chain reaction and bankruptcy of several other companies, as well as loss of confidence in the crypto industry.
Total market capitalization fell 16% m/m, from $972 billion to $816 billion. Bitcoin and Ethereum declined in value significantly less than smaller tokens. At the same time, cryptocurrencies with a bid for FTX collapsed: Solana fell 56% in November and FTT, the service token of the FTX crypto exchange, collapsed 95%.
Trading volumes
Compared to October, trading volumes are up 20%, helped by the FTX crash and asset reallocation by traders. Trading volumes on almost all exchanges exceeded their historical averages. At the same time, the growth of activity on decentralized exchanges (+50% m/m) exceeded the leading centralized exchanges (+40% m/m).
Ethereum after The Merge
ETH became a deflationary asset in November, with the number of tokens burned daily exceeding the number issued since the beginning of the month. While Uniswap is still the largest contributor to ETH burns, there has been an increase in activity from second-tier (L2) platforms such as Arbitrum and Optimism. This trend is expected to continue as we approach the next Surge update. ETH stacking continues to gain popularity as the average yield rises to 7%. ETH’s overall share of steaking in November rose from 12.8% to 13.5%.
Miner Shares
In November, the network’s hash rate remained at a record high due to the drop in bitcoin and rising electricity prices. Experts estimate that the hash rate reached its maximum and will go down in the coming months, which will have a positive effect on miners. The market capitalization of 13 public U.S. miners for November fell 41% m/m to $2.7 billion.
Gaming segment
The number of unique gaming wallets for November was virtually unchanged, continuing this year’s trend. Despite this, token transaction volumes rose nearly 100% m/m, peaking near the FTX bankruptcy announcement. DappRadar reports that gaming accounted for 43% of blockchain activity in November, indicating a certain resilience in the industry.
