OVERVIEW

This Is How Insane November Was 😱 

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total and altcoin market cap YTD:

Source: TradingView

ANALYSIS
Here’s How Insane November 2024 Was 🤯

November 2024 wasn’t just wild—it was downright ridiculous. Records shattered, altcoins exploded, and Bitcoin reminded us why it’s the OG. Here’s the breakdown:

By The Numbers

• Altcoin Market Cap (Excluding Ethereum)
  Highest monthly close ever. Best month since February 2021.

• Bitcoin

  • Performance: +37.33%

  • Best November since 2017, and the third best ever.

• Ethereum

  • Performance: +47.38%

  • Best month since July 2022.

Altcoins That Stole the Spotlight

• Solana (SOL): +41.08%
  New all-time high. Highest ever monthly close.

• XRP: +282.72%
  Second-highest monthly close ever, just $0.03 shy of a record. Best month since December 2017.

• Dogecoin (DOGE): +160.83%
  Best month since April 2021. New highest monthly close.

• Cardano (ADA): +216.42%
  Best month since February 2021. Highest monthly close since March 2022.

• TRON (TRX): +21.88%
  New all-time high. Highest monthly close ever.

• Stellar (XLM): +468.19%
  Best month since May 2017. Highest monthly close since April 2021.

• Chainlink (LINK): +66.78%
  Best month since January 2021.

• Litecoin (LTC): +48.49%
  Best month since November 2020.

Big Winners (And Some New ATHs)

• Hedera (HBAR): +273.78%
  Best month ever. Highest close since March 2022.

• Algorand (ALGO): +288.25%
  Best month ever. Highest monthly close since April 2022.

• Basic Attention Token (BAT): +99.71%
  Best month ever.

• BONK: +122.49%
  New all-time high.

• PEPE: +121.73%
  New all-time high.

• VeChain (VET): +117%
  Best month since April 2021.

• Tezos (XTZ): +165.51%
  Best month ever. Highest monthly close since July 2022.

Honorable Mentions

• DASH: +77.95%
  Best month since February 2021.

• Zcash (ZEC): +61.44%
  Best month since January 2020. Highest monthly close since July 2022.

• Cosmos (ATOM): +102.21%
  Best month since February 2021.

New In Three Sentences
Crypto News 📰

🍎 Fiat-to-Crypto in Seconds with Apple Pay via Coinbase Onramp

Coinbase Onramp now integrates Apple Pay, letting users skip the headaches of lengthy KYC and clunky processes for fiat-to-crypto transactions. For Apple Pay’s 60M+ US users, onboarding to crypto takes just seconds—offering faster, simpler conversions alongside free USDC on and offramps. Coinbase blog.

🎥 Render Network Is Star Trekking Where No Budget Has Gone Before

Render Network made Unification, a Star Trek short film, look like a blockbuster while running on indie-film resources. With machine learning and GPU rendering in its toolkit, Render let creators skip costly production hurdles and focus on artistry. This is Hollywood-level creativity at an indie price tag, thanks to Render. Render blog.

💡 No, Enron Isn’t Back, and No, It’s Not Dropping a Token

A parody project using the name “Enron” is hawking overpriced merch and NFTs while fake hiring nuclear engineers—yes, really. It calls itself a joke, but community notes and stock image team members say otherwise. Whether this is satire, a scam, or Elon Musk’s secret side hustle, steer clear unless you want to pay $118 for an ironic hoodie. Protos.

🏛️ US Gov Shuffles $1.9B in Silk Road BTC to Coinbase Prime

The feds just moved nearly 20,000 BTC seized from the Silk Road to Coinbase Prime, and no one knows if it’s for safekeeping or an impending fire sale. Some say it’s part of a strategic Bitcoin reserve plan, but you can bet everyone else is watching those wallet(s) for anymore movement. Cointelegraph.

🪙 Marathon Digital Copies The Microstrategy Playbook, With $700M

Marathon Digital is raising $700 million to go on another Bitcoin shopping spree because apparently, $1 billion wasn’t enough. The plan involves unsecured convertible notes and possibly buying back $50 million in old debt, but the real takeaway is simple: MARA’s betting big on Bitcoin’s future. If they succeed, expect some serious buy-side pressure to keep fueling the rally. CryptoDNES.

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ANALYSIS
How You Know Altseason Is Here (if you didn’t know already)

In the Litepaper from November 7th, 2024, I wrote about technical conditions that could point to an incoming altseason. 📕 

From the November 7, 2024 Litepaper – Click to enlarge.

Historically, alt season tends to kick off when Bitcoin’s share of the total crypto market cap (BTC Dominance) decreases by a sizeable chunk. A shift in performance between Bitcoin and altcoins could be an early indicator of altseason.

Specifically, I discussed monitoring how consistently the altcoin market outperforms Bitcoin in the weeks following the election. 🗳️ 

The divergence identified on Nov 7, between Bitcoin dominance and altcoin market cap might not immediately signal altseason, but the historical context suggests it’s a pattern worth monitoring.

What’s Happened Since Then?

You already know how bullish November was from the beginning of this article, but here’s what the Bitcoin dominance chart looks like:

BTC Dominance Daily Chart – Click to enlarge.

And the altcoin market cap chart (excluding ETH) looks like this:

Altcoin Market Cap Monthly Chart – Click to enlarge.

The altcoin market (excluding ETH) has returned to $1 trillion – still a little shy of a new all-time high, but the November close was the highest monthly close, ever.

It definitely looks like altseason is here. 📆 

DEFI
Metaverse, NFT, & Gaming News 🎮️

🎮 Immutable and Sequence Join Forces for Web3 Gaming Domination

Immutable and Sequence are teaming up to make Web3 gaming easier for developers and players with better wallets, smoother onboarding, and monetization tools. The partnership leverages Immutable’s zkEVM chain and Sequence’s tech to power games like Gods Unchained and Guild of Guardians. Immutable blog.

🎉 Fan Tokens Turn 5, Cementing Blockchain in Sports

Five years after Juventus launched the first Fan Token, Chiliz has onboarded 75 brands and millions of fans, reshaping fan engagement through blockchain. Fan Tokens allow fans to vote on team decisions, earn exclusive rewards, and access a growing Web3 sports ecosystem. Chiliz isn’t done yet—it’s moving towards a self-custody model to expand utility and cement its Web3 dominance. Chiliz blog.

🎨 NFT Sales Hit Nine-Month High as Crypto Heats Up

NFTs are back (kind of), with daily sales topping $1.9 billion—the best numbers since March. CryptoPunks and BAYC floor prices skyrocketed, while OpenSea volumes spiked 49% overnight, proving that some people just can’t resist JPEGs when ETH starts pumping. If this keeps up, we might see NFTs claw their way back into relevance. The Defiant.

News In Three Sentences
DeFi, DEX, and Lending Protocol News 🏦

💰 BlackRock Taps DeFi with Curve and Elixir Partnership

BlackRock’s $533M BUIDL fund is bridging TradFi and DeFi by minting deUSD, a synthetic dollar backed by real-world assets, on Curve. Institutional investors now get yield on tokenized assets while keeping exposure to U.S. Treasuries. Curve just got a seat at TradFi’s table—and it’s bringing DeFi liquidity along for the ride. Curve Finance blog.

🔼 COTI’s Token Upgrade Is Coming

COTI is gearing up to swap its V1 tokens for V2 as it preps for its Mainnet debut in Q1 2025. Treasury users get an automatic upgrade, while the rest can use a 1:1 bridge—no hoops, no headaches. And if you’re holding ERC20 tokens? Congratulations, you don’t have to lift a finger. COTI Network blog.

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: Coinglass – Click to enlarge.

In the past 24 hours, 218,716 traders were liquidated, with total liquidations reaching $647.59 million.

The largest single liquidation occurred on Binance, a Bybit pair valued at $5.26 million.

Longs lost $429.64 million, while shorts were hit for $218.22 million. 🤕 

LINKS
Links That Don’t Suck 🔗

☠️ Nike is killing its Ethereum NFT sneaker and avatar company RTFKT

🔉 Crypto trading volume record: November sees $2.71 trillion

🏹 Bitstamp CEO on Robinhood acquisition, crypto regulation and the recent market surge

🤔 Former Diem co-founder says Meta’s stablecoin project was a ‘political kill’

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