The cryptocurrency market fully resumes in November: multiple indicators hit a “record high”


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Larry Cermak, research director of The Block, reviewed the crypto industry data for November on Twitter. As more and more new investors enter the cryptocurrency market, many indicators have reached record highs.

In November, the on-chain transaction volume of Bitcoin and Ethereum grew very strongly, reaching $204 billion and setting a new annual high, an increase of 51.5%. The transaction volume on the Bitcoin chain was twice that of Ethereum.

In 2020, stablecoins will experience explosive growth. Since January, the total supply of issued stablecoins has increased by nearly 329%. The main reasons are as follows:

1. Miners need to use Bitcoin to repay Tether debt;

2. The popularity of Tether mortgage derivatives has surged;

3. DeFi and income farming “food” tokens set off an upsurge in the industry.

In November, the transaction volume on the stablecoin chain dominated by Tether was more than 6 times higher than in January 2020.

Bitcoin miners generated $520 million in revenue in November, a significant increase of 48% from the previous month. This is the highest monthly income a miner has received since February 2020, and even higher than the miners before the Bitcoin block reward halving. Monthly income.

Ethereum miners generated $262 million in revenue in November, an increase of 22% from the previous month. Since the income of Ethereum miners dropped sharply in October, in contrast, November has recovered.

In November, the income of Bitcoin miners was about twice as high as that of Ethereum miners. Ethereum’s transaction fees accounted for 23% of total miners’ income, which was a slight decrease. In addition, Bitcoin transaction fees accounted for miners’ total income. The proportion of shares also dropped slightly from 12% to 11%.

After reaching its peak in September, the 30-day rolling average of daily average gas prices continued to decline, and it has fallen to about 57 gwei in November. The main reason may be that the decentralized financial boom began to gradually cool down.

In terms of DeFi loans, the three decentralized financial lending platforms, dYdX, Compound, and Aave, all set a record high in their loan lines in November, with a total of US$7.6 billion in loans, an increase of 88% from the previous month.

In November, the volume of spot cryptocurrency transactions soared by 134%. Centralized cryptocurrency exchanges such as Binance have repeatedly hit record highs.

However, the volume of transactions on decentralized exchanges fell 12% from the previous month to $17.1 billion. However, compared with the transaction volume of less than 1 billion U.S. dollars in January, the transaction volume of decentralized exchanges is still increasing substantially. Uniswap continued to rank first with a market share of 58%, and Curve’s market share plummeted from 27% in October to 14%.

The ratio of transactions between decentralized exchanges and centralized exchanges dropped significantly in November, dropping to 5.8%.

The average daily trading volume of GBTC, a closed-end fund dedicated to investing in Bitcoin, saw a substantial increase in November, reaching US$254.4 million, an increase of 165%, and it also reached its highest point in the past two years.

As of the end of November, the total amount of open positions in bitcoin futures reached 7.3 billion US dollars, a record high, an increase of 35% from the previous month.

In November, the monthly transaction volume of Bitcoin futures increased significantly by 120%, reaching a record high of US$872 billion.

On November 27th, CME Group’s single-day trading volume of Bitcoin futures also reached US$2.2 billion, which also hit a record high. In addition, the average daily transaction volume of CME Group in November also hit a record high.

As of the end of November, the total open positions of Bitcoin options reached 4.49 billion US dollars, an increase of 86% from the previous month and a record high.

The monthly trading volume of Bitcoin options has also reached a record high, and it has nearly doubled from the previous record high.