November was a largely positive month for the top cryptocurrency assets, with Bitcoin, Ethereum and Solana all reaching new all-time highs, respectively, as 30-day volatility continued to increase.
- Monthly volumes across the two largest Bitcoin markets (BTC/USD and BTC/USDT) fell 16% to $199bn and 8% to $56.7bn, respectively, in November. This trend was also consistent across other major cryptocurrency markets.
- Fees spent on the Ethereum network continued to rise in November and reached another monthly all-time high of $1.82bn, a 34.6% growth from October. The average fee per transaction also rose to an all-time high of $48.33.
- The total number of transactions in the Bitcoin Network fell 1.79% to 8.30mn in November, despite the long-anticipated Taproot soft fork which added smart contract functionality to the Lightning Network and aimed to lower transaction costs.