In the crypto market report prepared by the ICRYPEX Research team and covering November, we have compiled the latest developments on crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report just below, and you can find the developments that took place in the 1-month period in the Monthly Crypto Market Report: November 2023.
Overview of the November 2023 Crypto Market Report
Crypto assets had a very positive November, closing the month with significant developments and positive movement. Bitcoin opened the month at $34,000 and closed at $37,700. In this process, Ethereum rose from the $ 1800 region to $ 2051 and completed the month with an increase of 13%. In November, when ETF news was intense, especially the Spot Ethereum ETF applications of financial giants brought major rises in Ethereum and other altcoins.
At the same time, while the outcome of the Binance-US tension was realized as the US wanted, the fact that the crypto market left this process almost unscathed had a positive impact on the market. In the process, Bitcoin’s market dominance has fallen back to 53% and its total market capitalization has surpassed $1.5 trillion.
In November, we see that the average increases in altcoins ranged from 25-30% to 50%. The cryptocurrencies that fell outside this average and made even bigger gains were FTT, PNG, BLUR, AVAX, RNDR, IMX and SFUND. On a monthly basis, there are not many negatively diverging cryptocurrencies, while BCH and APT are the main negative diverging coins, with BCH and APT losing value and XRP gaining only 1%.
For a more comprehensive look at November, check out our Weekly Crypto Market Reports: Monthly Crypto Market Report: November 2023.