November 2020: a month of historic records (ATH) for crypto
- In November 2020, interest in Bitcoin increased considerably, according to some indicators.
- In addition to a new record high in the BTC price, interest in derivatives also increased.
- Altcoins have also grown rapidly behind Bitcoin, and the situation seems to continue to improve.
- The Trust Project is an international consortium of media organisations based on transparency standards.
November 2020 was a record month for crypto-money. From coin-based products to Bitcoin (BTC), the crypto roller coaster keeps climbing. With Crypto Bank holding more power than ever before, the next few months promise to be exciting.
Record peaks are being surpassed again and again
The much coveted $20,000 for 1 BTC was not achieved, but $19,725 is not bad. Cryptocurrency is having a memorable year, and November was perhaps the most exciting month so far.
According to Coingecko’s monthly report, the month of November has seen many peaks. The capitalisation of the crypto market reached 554 billion dollars. Bitcoin reached $19,725 on November 30 or December 1, depending on where you live. This is just above the previous record of $19,665, but it is still a record. Open interest on Bitcoin’s perpetual trading reached $3.1 billion and the trading platforms experienced an unprecedented trading volume of $348 billion.
All this without counting the return of certain altcoins as well as the bludgeoning of certain DeFi projects. DeFi protocol hacking accounted for $70 million in losses in November (whether the bad actors will ever be able to sell their stolen parts is another matter).
A number of factors, including large companies, are at the root of this situation. DBS Bank supports its own exchange, while Square and Paypal continue to support the adoption of crypto payment. Norway even has a public investment fund that manages a number of BTCs.
A positive sum game for BTC and ETH
Another indicator also stood out this month: non-zero balance Bitcoin portfolios reached a record high. This suggests that users are interacting with the network and that interest from the general public, as well as large corporations, is on the rise.
It’s not just about Bitcoin. Ethereum’s portfolios have also reached a record level, with 50,476,989 portfolios with a non-zero balance. Portfolios with a positive balance are growing exponentially (while portfolios containing one or more BTCs are growing only linearly).