Bitcoin Transaction Fees Outpace Ethereum, DeFi TVL Surges 11% in November: Binance
The digital asset market recorded an 11% uptick last month with Solana (SOL) and Chainlink becoming the top-performing assets as decentralized finance (DeFi) volumes surge, a new report shows.
A recent Binance Monthly Market Insight report shows a growth in the general outlook as most cryptocurrencies surge in value pushing the total market cap over $1.5 trillion.
According to the report, November started with bulls dictating the pace of the market with a 12% increase in the first half before making a slight correction as described as an oscillation between bullish and bearish sentiments.
In October and November, the market gained 19% and 11% respectively signalling a strong finish to the year recovering losses from previous months occasioned by wider macroeconomic factors. Only Junaury’s 30% surge beats the last two in growth metrics.
“All the top 10 coins ended November with positive gains, with SOL and LINK followed with a 29.11% increase. Solana’s resurgence in the crypto Solana Breakpoint, drew over 13,000 attendees to one of its four venues, highlighting the growing community interest.”
Last month, Bitcoin (BTC) recorded more transaction fees than Ethereum (ETH), a deviation from the regular pattern recorded in several years due to higher network activity on Ethereum hinged on the higher concentration of decentralized applications on the blockchain.
Notably, the new trend stayed constant for nearly two-thirds of the month hitting its widest point in two years. The disparity was fueled by the increasing demand of Bitcoin Ordinals, the popularly described non-fungible token of the market leader which boosted activities on the network clogging the mempool earlier this year.
According to recent data from CryptoSlam,
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