Binance Research, the research arm of Binance, the world’s largest cryptocurrency exchange, recently shared its views on the remarkable performance of two altcoin projects, Solana (SOL) and Toncoin (TON). The research team’s report covers the impressive growth in market cap, stablecoin supply, NFT volumes. It also examines broader cryptocurrency market trends, highlighting the resurgence of interest in Bitcoin. Here are the details…
Binance publishes its cryptocurrency market overview
The latest report from Binance Research reveals that the total cryptocurrency market capitalization has witnessed a significant increase of 110% since the beginning of the year, translating into additional capital of over $870 billion. In the current quarter alone, markets increased by 55% to $596 billion. Additionally, stablecoin supply is making a comeback, with the quarterly net change in the top five stablecoin supply turning positive for the first time since the first quarter of 2022. This shift signals positive market sentiment and renewed confidence in stable assets.
Breaking an eight-month downward trend, NFT volumes attracted attention in November. Because it experienced a significant increase of approximately 200% compared to the previous month. Bitcoin took the lead in the NFT space with a volume exceeding $375 million. Thus, it surpassed Ethereum’s $348 million. Binance Research emphasizes that Bitcoin has had an active year with BRC20 tokens. He also notes that there was a resurgence of interest in November. The market is eagerly awaiting the potential approval of a spot Bitcoin ETF in January. This adds another layer of excitement for crypto enthusiasts. According to the report, the Bitcoin halving, which will take place in April 2023, will potentially affect market dynamics. In other words, halving is defined as an important milestone to follow.
Two altcoins, SOL and TON, are influencing the market
According to the report, Solana and Toncoin attracted attention with their impressive movements in the market, outperforming Ethereum. The report also mentions emerging protocols like friend.tech, as well as updates from Farcaster, Lens, and Binance Square, contributing to the evolving landscape of alternative layer-1s. Binance Research highlights the growing importance of Real World Assets (RWA), which make up more than 49% of the assets on MakerDAO’s balance sheet. In addition, zero-knowledge (ZK) technology has recently begun to gain traction with ZK-rollup launches and increasing discussions around ZK coprocessors.
Macroeconomic comments attracted attention
The report states that US interest rates are at a 22-year high. It also ends by highlighting the current global economic landscape, with expectations for interest rate cuts next year. China has already started reducing interest rates. This, coupled with low inflation in Europe, has led investors to expect similar moves from the European Central Bank. Binance Research’s comprehensive report provides valuable insight into the changing dynamics of the cryptocurrency market, revealing the rise of specific altcoins, changing trends, and broader economic factors affecting the industry.
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