With another month at a close in the cryptocurrency landscape, November resembled an eventful drama showcasing remarkable triumphs, significant setbacks, and unexpected turns.
The month unfolded as a tale of conflicting outcomes, marked by sweeping victories and a prominent figure’s legal entanglements.
In case you missed any developments, we’ve compiled a list highlighting the most successful and least favourable performers of the month. To kick things off, we have three standout winners.
The winners in November’s crypto landscape showcased remarkable resilience and achievements, positioning themselves as frontrunners in the volatile market. Coinbase, Solana, and THORChain led the pack of victors, each carving its unique path to success through impressive surges and notable milestones.
Coinbase’s COIN Resilience
Coinbase, the leading U.S.-based cryptocurrency exchange, notably saw a surge in its stock price, marking a staggering 66% increase over the last month and an astonishing year-to-date leap of +280%.
Moreover, the exchange secured custodianship for nine out of twelve spot Bitcoin ETF applications, potentially becoming the holder of assets on behalf of firms like BlackRock and WisdomTree if the anticipated ETFs are approved.
This period remained relatively calm for Coinbase, distinguishing itself from other exchanges like Binance and Kraken, which faced legal actions from U.S. regulators during the month.
Solana SOL Surge
Solana, a layer 1 blockchain, emerged as another standout winner in November, showcasing impressive performance in various aspects. Solana experienced a meteoric 73% surge over the last month, propelling its year-to-date performance to an exceptional +327%.
The decentralized exchange (DEX) volume on Solana surged to approximately $7 billion, setting a new all-time high per Defillama data. Additionally, Solana’s NFT space witnessed a substantial boost, with sales volume reaching $76.5 million in November, a significant increase from the $28 million recorded in October.
Despite previous criticisms, including frequent network outages and scepticism about adoption, Solana exhibited improved stability, witnessing heightened activity in NFTs and DeFi, underscoring its resurgence in the market.
THORChain, a decentralized exchange facilitating Bitcoin trading, made significant strides in November, experiencing a surge in usage and market ranking.
Impressively, 2% of all spot Bitcoin volume flowed through THORChain during the month, solidifying its position as a crucial player in the crypto exchange landscape. Notably, THORChain became the fifth-largest Bitcoin exchange globally by volume, surpassing several centralized exchanges (CEXes).
Its native token, RUNE, reflected this success by soaring 141% in November and an astonishing 411% year-to-date increase, indicating substantial growth and interest in THORChain’s offerings.
Amid the victories, the cryptocurrency industry witnessed a contrasting development with the legal implications faced by Sam Bankman-Fried, commonly known as SBF. The prominent figure confronted legal turmoil as he was convicted on seven counts of fraud earlier in the month.
The conviction cast a shadow over SBF’s standing within the industry, as he potentially faces up to 110 years in prison, highlighting the complexities and challenges encountered within the cryptocurrency sector.