State of the Cryptocurrency Market Report - November 2019

The FAS November monthly report features the main crypto-metrics and indicators for the past month: News, Market Performance, Networks, Mining Activity, Public Sentiment, and Academic Publications. The report also covers the latest “Hot Topics” in the crypto space. This month: China’s Blockchain development, BRICS initiative for Blockchain cross-border cryptocurrency and German banks’ plan to facilitate cryptocurrency trade.

Download our new cryptocurrency market report:

This November, the top crypto performers were Tezos, Cosmos, and Maker, with trading turnovers (i.e. average daily trading volume divided by circulating supply) at 1.7%, 1%, and 0.3% respectively. Wealth distribution among main addresses remained heavily centralized, driven by top exchanges’ cold wallets, among other factors. Daily average volatility remained quite similar for the Top 25 cryptocurrencies in comparison to volatility in the previous month. The average daily trading volume of Bitcoin (BTC) was highest in Tether (USDT), Ethereum (ETH), and Litecoin (LTC), at 123.4%, 41.5%, and 16% respectively.

Interest in cryptocurrencies is still high in countries with instability and/or relatively high inflation/interest rates (i.e. Nigeria, Ghana, Venezuela), though Hong Kong is still out of the ranking, just like last month. Singapore, Estonia, and Turkey rise in the ranking following recent news about friendly regulation (Estonia), CBDC adoption (Turkey) and intensified activity regarding cryptocurrencies (Blockshow Asia in Singapore mid-November 2019)

Mining activity has been on the rise for Bitcoin SV (+20.85%), Ethereum Classic (+1.32%) and Bitcoin Cash (+7.8%), an indication of miners’ confidence in these cryptocurrencies. On the other hand, Bitcoin (-3.86%), Dash (-1.12%), Ethereum (-5.38%), Litecoin (-28.95%) and Monero (-7.57%) lost mining power compared to October.

The best cryptocurrency to stake in November among those stakable of the top 25 is Cosmos (ATOM) with a 13% annual return, while Stellar (XLM) provides the lowest stacking return at 1% annually. It is relevant to note that among the top 25 cryptocurrencies, eight are POS: TRX, XLM, NEO, EOS, XTZ, DASH, ATOM, and ADA.

Onchain transactions are declining sharply this month for NEO (-44.7%), Tron (-41.7%) and LEO (-30.4%). EOS, which is by far leading the amount of onchain transactions (4.5 Million of transactions a day on average) due to his DApp market, dropped by 13.8% during November. TRX, which used to be its closest follower, is taken over by Ripple, which posts a massive +102.7% increase.