Market Data Week - 18/11 to 25/11

The cryptocurrency market added over $320 billion in total market capitalisation within seven days last week, bringing the overall market value to $3.36 trillion.

Following an inflow of $300 billion the previous week, another $300 billion in new capital entered the market last week. The continued rally in crypto assets was bolstered by the outcome of the U.S. presidential election and optimism regarding potential Fed rate cuts this year. As of the early hours of 24 November, Bitcoin’s spot price stood at $98,288, up nearly 10% in the past week, reaching an all-time high of $98,916 on Saturday. Ethereum, the second-largest cryptocurrency, was priced at $3,424, reflecting an 8% increase over the same period. Bitcoin and Ethereum’s market capitalisations were approximately $1.94 trillion and $413.2 billion, respectively, accounting for around 58% and 12% of the total market value. Bitcoin’s dominance fell by nearly 2% week-over-week, while Ethereum’s decreased by around 1%, indicating significant inflows into altcoins alongside Bitcoin and Ethereum.

Last week, $XLM, $XTZ, and $HBAR emeged as the Top 3 gainers, while $PNUT, $POPCAT, and $WIF were the Top 3 losers. According to CoinMarketCap data from last week, the majority of the top 100 altcoins experienced positive market cap growth. A noticeable shift in capital flow was observed, moving from the MEME sector to the public chain sector. Among the top gainers were Layer 1 blockchain projects such as $XLM, $XTZ, and $HBAR. Meanwhile, top losers included previously capital-attracting meme tokens like $PNUT, $POPCAT, and $WIF, which experienced corrections.

The overall net growth in altcoin market capitalisation last week was driven not only by the broader cryptocurrency market’s upward trend but also by positive developments and innovations in specific ecosystems. For instance, Franklin Templeton, one of the advanced RWA creators, recently expanded its operations to Stellar. This expansion contributed to Stellar’s price surge, pushing it to a two-year high.

Stablecoins continued their net supply growth trajectory last week, with a sharp surge in growth rates, reaching a new yearly high of approximately $177 billion. Over the past seven days, amid the bullish trend in the broader crypto market, stablecoin holdings experienced a rapid transition from neutral to significant net inflows. The net stablecoin holdings on exchanges also shifted from a flat trend to a sharp net inflow, suggesting that substantial new capital entered the market during the week.

In the derivatives market, Bitcoin and Ethereum perpetual contracts saw open interest recover over the past seven days. Bitcoin perpetual funding rates exhibited periodic fluctuations, with futures market inflows increasing as spot prices stabilised. For Ethereum, futures market volumes rose alongside a brief spot price surge around 21 November, significantly exceeding the open interest levels of prior weeks. Liquidation data aligned with price trends, showing the lowest levels in a month. Most of Bitcoin’s liquidation volume was concentrated in short positions, while Ethereum showed a balance between long and short liquidations, indicating a sustained upward trend in the crypto market.

The decentralised finance (DeFi) market also saw growth last week, with total value locked (TVL) reaching $119.9 billion. Over the past seven days, decentralised exchange (DEX) trading volumes remained stable at $102.1 billion. The market share gap between DEXs and centralised exchanges (CEXs) narrowed significantly, with DEXs now accounting for 41% of total CEX trading volume. Among the top 10 blockchain projects by TVL, all but SUI posted increases last week, with Ethereum leading with over 10% growth.

In Ethereum’s non-fungible token (NFT) market, total market value rebounded by 7%, reaching $6.7 billion. However, total trading volume dropped by 27% to approximately $60 million over the past week, following a previous spike. Among Ethereum’s leading blue-chip NFT collections, floor prices and average prices showed consistent increases in cryptocurrency terms. Specifically, CryptoPunks’ floor and average prices rose by 2% and 10%, respectively. Bored Ape Yacht Club, ranked second, saw floor and average prices increase by 1% and 5%, respectively. Pudgy Penguins, currently ranked third by market value, posted significant growth, with floor and average prices surging by 29% and 20%, respectively.