November “Charts of the Month”

Join us for a comprehensive analysis summarising November’s key developments, marking the culmination of this month’s insights through the lens of our ‘Chart of the Week’ series into the dynamics that influenced the digital asset market throughout the month. From the consistent market optimism across sectors to specific asset performance highlights including Solana’s growth, AI tokens surge, CME’s record high open interest and the market’s responses to Binance’s regulatory saga— see the distilled summary of November’s key moments in the digital asset industry below. Optimism Amidst Consistent Highs: AI & Infrastructure Tokens Lead the Charge — 09/11/2023 In this week’s Chart of the Week, we explore the ongoing optimism in the digital asset market, which has seen yearly highs consistently recorded across various sectors. Numerous asset baskets have maintained tight return profiles, indicating a robust overall market. Although correlations remain high, the AI category, which includes $AGIX and $FET, has dominated returns since the rally began, posting an aggregated 48.7% increase since October 1st. Following closely behind, Infrastructure tokens like LINK and FIL have contributed to an aggregated return of 44.8%, breaking multi-year ranges in the process. https://medium.com/media/76c8008b6e08738ec176168375a80704/href Solana’s Surge: Dominating Trading Volumes and Market Dominance — 14/11/2023 In this week’s Chart of the Week, Solana emerges as a standout performer among assets, delivering impressive returns over the course of this year. The asset’s market dominance by monthly trading volume has surged to an all-time high of 5.54% in November (as of the 13th). On November 11th, Solana accounted for 8.85% of all trading volumes on centralised exchanges, surpassing the previous all-time high of 8.66% recorded on September 9th, 2021. https://medium.com/media/c8f3c5899093e4691689f724dd2a4a96/href Binance Legal Saga: Market Reactions and Speculations on Resolution — 21/11/2023 In this week’s Chart of the Week, we examine the market’s reaction from yesterday when Bloomberg broke the news that the US is seeking more than $4 billion to settle its case against Binance. The exchange has been embroiled in legal challenges with the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC) since March and June, respectively. Accusations include operating an illegal derivatives exchange and promoting non-compliant actions, such as using VPNs and offshore entities to evade geographical restrictions. Overall, this news initially led to a negative reaction before BNB bounced 15% in a matter of minutes as the market digested the possibility of a resolution to this overhang that has existed since Q1 of this year. More clarity for Binance is bullish for BNB and the market, as evidenced by the intraday performance captured by CCData. ‍The news casts a light at the end of the tunnel for Binance, with the potential for a full resolution in the coming months, despite the heavy charges. If the reports are accurate, it also removes a lot of uncertainty from the market, given that more severe actions against Binance could be detrimental to the industry. https://medium.com/media/66a8f5724dcf892c443ba8449b5bc4c0/href BTC Futures Soar: CME’s Record High Open Interest Signals Institutional Interest — 28/11/2023 In this week’s Chart of the Week, we observe how the open interest for BTC futures on CME rose by 20.9% to a yearly high of $4.11 billion in November. The exchange has now achieved the largest market share for open interest in BTC futures, surpassing Binance, which currently holds an open interest of $3.76 billion. The rise in open interest on the CME exchange highlights the increase in institutional interest in Bitcoin as the markets anticipate the potential approval of a spot Bitcoin ETF next year. https://medium.com/media/6309b053844f6959038d649f440138ec/href You can now find all of our charts and research reports at CCData.io Want to access the data used in this blog? Our data solutions provide crucial real-time information necessary for tracking market movements, complete with tick-level trade history across all covered instruments and markets, at the highest granularity provided by each exchange. Learn more about CCData’s market-leading data solutions below. CCData | Leading Digital Asset Data & Index Provider November “Charts of the Month” was originally published in CCData on Medium, where people are continuing the conversation by highlighting and responding to this story.