Binance Research analysis shows that there is a positive atmosphere in the Bitcoin and cryptocurrency market. Is the return of the bull market approaching? Here are the details!
The research unit of Binance, the leading platform of the cryptocurrency world, shared its hopeful views on the future of the cryptocurrency market in its latest report. According to analysts, the signs of vitality observed in recent weeks are a reflection of the increases in crypto activities and asset prices.
While Binance Research’s analysis shows that a positive atmosphere prevails in the cryptocurrency world, investors are expected to follow these developments closely. However, since the future of the market is always uncertain, it is important to act carefully and consciously.
When will the bull market start?
It may be too early to say that the bull market has fully returned, but it is possible to say that things are getting better. Binance Research shared remarkable details.
Total crypto market capitalization has increased by 110% since the beginning of the year, representing a capital increase of over $870 billion. In the last quarter, the markets increased by 55%, which symbolizes an increase of 596 billion dollars.
NFT (Non-Fungible Token) volumes broke an eight-month downward trend and increased by 200% in November compared to the previous month. Bitcoin became the most popular chain, with NFT volume exceeding $375 million.
Increase in transactions in October
Transaction fees for the 20 largest crypto projects increased by 84% compared to October and over 100% compared to September. While the total locked value in DeFi (Decentralized Finance) increased, DeFi dominance increased by 18% compared to the previous month.
While Bitcoin has had an eventful year with Ordinals and BRC-20s, November saw a resurgence of interest in this space. The positive news regarding the Spot Bitcoin ETF represents another important turning point for the market awaiting approval in January.
The latest report also states that the performance of layer-1 protocols, which are shown as alternatives to Ethereum, has increased and that projects such as Solana and Toncoin have made remarkable moves. It is emphasized that the market is diversified with updated and new protocols such as SocialFi, Farcaster, Lens and Binance Square.
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