Total crypto market capitalization (“market cap”) is up ~110% year-to-date, representing an increase of over US$870B in capital. In Q4 so far, markets are up 55% (~US$596B).
Stablecoin supply is returning, with the quarterly net change in the supply of the top five stablecoins turning positive for the first time since Q1 2022.
NFT volumes have broken their eight-month downtrend and increased nearly 200% month-on-month (“m-o-m”) in November. Bitcoin was the most popular chain, with US$375M+ in NFT volume, exceeding even Ethereum NFTs (US$348M).
Fees for the top 20 crypto projects rose in November, and were ~84% higher than in October, and ~100%+ higher than in September. DeFi TVL also rose, while DeFi dominance was up 18% m-o-m.
Bitcoin has had an eventful year with Ordinals and BRC-20s, and saw a resurgence in interest in November. News of a spot Bitcoin ETF looks positive, with the market expecting a January approval, while the Bitcoin Halving in April is another important milestone to watch.
A number of alternative Layer-1s (“L1s”) have outperformed Ethereum recently, with Solana and Toncoin making notable moves. SocialFi has emerged with new protocols like friend.tech, alongside updates from Farcaster, Lens, and Binance Square.
RWAs have started to become increasingly important, now representing over 49% of the assets on MakerDAO’s balance sheet. Chainlink also hopes to bring closer ties between TradFi, RWAs, and crypto, with their new CCIP solution.
Zero-knowledge (“zk” or “ZK”) technology is starting to take off, with various recent ZK-rollup launches and increased work and discussion around ZK co-processors.
U.S. interest rates are at a 22-year high, with the market expecting cuts in the next year. China has already started cutting some rates, while lower inflation in Europe has prompted investors to start anticipating cuts from the European Central Bank.
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