The month of November will have been prolific for the crypto market. The price of Bitcoin has increased by 40%, and institutionalization continues in light of very likely favorable regulations in the United States for years to come. Review of this month loaded with news, which brought its share of surprises.
An explosive month of November for cryptocurrencies
It will have escaped no one's notice that the month of November which has just ended will have been particularly beneficial for investors in the crypto market. Since Donald Trump's victory in the presidential elections, the ecosystem has gone into overdrive, predicting a significant relaxation of regulations in the United Stateswhich also materialized with the announcement of the departure of Gary Gensler, the president of the Securities and Exchange Commission (SEC).
Thus, the market capitalization of the crypto market has increased significantly overall, from 2.4 to more than 3.6 billion dollars. The price of Bitcoin saw a colossal 36% increase over the month, marking one of its best monthly performances. The volumes traded on centralized crypto exchanges have also exploded, with 2.9 trillion dollars exchanged, a record since May 2021.
The month was also marked by the massive investments of MicroStrategy, Michael Saylor's firm known for its treasury in Bitcoin which has largely borne fruit, both for the substantial increase in the value of the latter and for the increase of its MSTR action. The company currently holds more than 400,000 bitcoins, almost 2% of the BTC supply.
📈 Follow our guide to buying MicroStrategy stock
American spot Bitcoin ETFs also benefited greatly from the market's momentum, and actually had their best day since their launch last January. On November 7, the 12 Bitcoin ETFs totaled $1.38 billion in net inflows.
At the time of writing, various issuers hold $104 billion worth of Bitcoin. Asset manager BlackRock alone holds $48 billion, almost half.
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Memecoins, dinocoins, XRP and AI agents
Memecoins will have been in the spotlight during the month of November. Historical memecoins have benefited significantly from the market rally, the BONK having also reached a new ATH on November 20.
DOGE saw its market capitalization increase from $21 billion to $70 billion. The PEPE also experienced a new ATH, reached on November 14. The latter now sits in the top 25 overall, with a capitalization of around $8 billion.
🪙 Find our tutorial for buying memecoins
The Pump.fun platform will have benefited from the enthusiasm around these cryptocurrencies, signing its best month since its launch with 93 million dollars in revenue. However, since pausing its streaming functionality for various abuses, Pump.fun has seen its revenue begin to drop.
Memecoins have been so successful that the largest centralized exchange platforms, usually defensive towards them, have decided to list a certain number of them. So, PNUT has been listed on Binanceand its market capitalization now exceeds $1.2 billion. PEPE, WIF, MOODENG and FLOKI have been listed on Coinbase.
Although largely leading this bull run, Bitcoin is gradually giving way to altcoins, its dominance down by almost 7% over the last 30 days. But, against all expectations, it is mainly “dinocoins”, these cryptocurrencies created several years ago and almost forgotten, which have appeared on the forefront.
Thus, over the last 30 days, the price of Filecoin's FIL has jumped 118%, that of Algorand's ALGO has increased by 411%, while Chainlink's LINK has recorded an increase of 131%. Furthermore, HBAR saw its price soar by almost 700%, Stellar's XLM rose by 489%, Cardano's ADA increased by 277%, and finally, XRP appreciated by 421%. % and even became the 3rd most capitalized crypto on the market.
📊 How far will Bitcoin go?
AI agents are also starting to gain prominence, although this is currently an emerging trend. The latter are driven by Virtuals Protocol, whose price has literally exploded. The price of the VIRTUAL token today is $1.5, an increase of 330% over the last 30 days.
Finally, the end of November was marked by the colossal airdrop of the Hyperliquid DEX, valued at $1.3 billion during the deployment of the HYPE token, whose price has literally doubled since its launch. The DEX was widely acclaimed for its token distribution, putting the community in the spotlight as it did not have to send tokens to any VCs.
The latest airdrops having mostly disappointed, notably Scroll to name but one, Hyperliquid could redefine the way airdrops are distributed.
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As Editor-in-Chief of Cryptoast, I am committed to making the world of cryptocurrencies and Web3 accessible to everyone. An expert in identifying the most relevant news, I attach great importance to the quality of the articles produced by Cryptoast. I ensure that our readers benefit from reliable, verified information presented in a clear and easy-to-read manner. My goal is to share quality knowledge to better inform and educate our audience about this constantly evolving world.
Maximilien Prué
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