cryptonews.net
October had been arguably the best month for crypto investors in 2023, but November put up a serious competition for that title, as the broader crypto market continued strongly with the immense growth it had experienced in October.
While the news from the crypto market have been somewhat mixed in November, the market remained staunchly bullish and many long-term investors saw their otherwise unprofitable positions go into the green since the start of 2023.
Such a turnaround in crypto performance might not be as surprising for skeptics of fiat currencies, as markets have been volatile throughout the year and many seeked crypto as their best choice for alternative investments.
Analysts and industry insiders have had mixed expectations regarding the strength of the going bullish trend and how long it may last, while others, such as Harry Fordyce of Cryptobetting.net, are convinced that a break above the $40,000 for BTC was imminent and that the market would follow suit.
Top 5 Gainers
While there have been numerous gainers that exploded onto the scene in November, we will be focusing on some of the largest cryptocurrencies in terms of market capitalization.
The likes of FTT, Avalanche, Solana, and more, have been in the spotlight for this month, as they are some of the most actively followed currencies on the market, with each of them posting at least double digit growth in November
FTX Token (FTT) +265.8%
The top-performing cryptocurrency of the month of November has also been the unlikeliest. FTT, the token of the namesake FTX exchange, has jumped sharply over the past 30 days, gaining over 260% in the process.
FTX, which has been a subject of one of the highest-profile bankruptcy and financial malpractice cases on the crypto market, had been headed by its founder Sam Bankman-Fried.
After the bankruptcy proceedings and restructuring taking place in FTX, news broke that the exchange may be restarting without SBF and with an entirely new lineup of staff and with scaled-back operations.
This prompted a rush to FTX, as one analyst pointed out that it could be the next hot currency on the market before the end of the year. While the gain is truly remarkable, it should be noted that this is due to speculation, as opposed to some tangible positive development. Investors should be weary of rushing to the market to buy up FTT, as the future of FTX is still very much uncertain.
ORDI (ORDI) +180.6%%
ORDI, which does not have a very long track record of performance, only entered the crypto market through its ICO in May of this year.
The coin is now available on some of the largest crypto exchanges in the world, including Binance, which has boosted its value and attracted more investors and traders, resulting in a price surge of over 180% throughout November. It is unlikely for ORDI to continue surging at the same pace going forward, as a gradual pullback from short-term sellers remains on the cards.
Avalanche (AVAX) +68.2%
Avalanche has enjoyed a stellar month in November and has finally turned its fortunes around in 2023. While its monthly returns totaled nearly 70% in November, the annual returns have reached 45%, while AVAX remained in the red for most of the year.
This marks an important milestone for AVAX holders, who will be hoping for the coin to add more in terms of absolute returns for the year. While AVAX may not be among the top-performers of 2023, its investors will nonetheless be pleased to see a positive turnaround.
Solana (SOL) +44%
After what has been a great month of October for Solana, the coin has continued to impress in November as well, gaining 44% in market value over the past 30 days.
This puts Solana’s annual returns at an amazing 330%, which places SOL among the top performers of the past 12 months.
The first half of 2023 was rough for Solana investors, who are now able to take a breather and reassess their positions in the currency. Solana has proven to be a resilient currency and 2023 has seen a dramatic shift among its investors from bearish to bullish. Solana bulls will be looking forward to its performance in December, hoping to close out the year in a festive mood.
Bitcoin (BTC) +7.5%
Another positive month for long-term BTC investors, the largest currency on the market gained a decent 7.5% over the course of November. Broadly bullish market momentum on the crypto market, as well as the positive ETF news from October, have helped BTC climb higher, closer to the $40,000 mark, which was so eagerly anticipated by crypto investors.
Going forward, BTC is likely to continue its bullish momentum through December, climbing well above the $40,000 price point. Long-term BTC bulls will be very pleased by the performance of the coin over the past 2 months of trading.
Top 5 Losers
Some of the top losers of November have been relatively smaller crypto projects, with the only notable double-digit drop experienced by GAS. Another interesting inclusion in the list was BNB, as its decline is directly linked to the investigation into Binance and its now former CEO, CZ.
Gas (GAS) −36%
Gas has been the worst-performing coin by the end of November, which comes at a surprise, if we consider the rapid bullish run towards the first half of the month, which saw GAS jump from $12 to as high as $28, more than doubling in the process. The coin could not hold its position for very long — completely crashing within a week and falling considerably lower than even its November 1 price point. GAS investors will be hopeful of a turnaround in the near future, after a disappointing showing in November.
Trust Wallet Token (TWT) −16.5%
The Trust Wallet Token was a notable exemption from the November bull run. The token, issued by the titular Trust Wallet, lost roughly 17% of its market value over the past 30 days.
The annual performance of the token has not been much better, either, losing roughly 50% over the period.
No clear signs of a turnaround are yet visible for TWT, which may discourage new long-term investors from entering the market and buying the token. Regardless, TWT’s latest performance comes at a stark contrast to the heights reached in December of 2022 and investors are less hopeful of replicating that bull run in the short term.
BNB (BNB) −6.8%
Coming off the back of a probe launched by the United States Department of Justice (DOJ) against Binance and its CEO Changpeng Zhao, or CZ, BNB investors have certainly seen better days.
While the monthly decline of 6.8% does not seem too stark, the uncertainty of the regulatory treatment of Binance and its operations, as well as investor confidence, makes BNB a mixed bag. On one hand, Binance is the largest crypto exchange in the world, while on the other hand, the DOJ and the SEC have been vigilant in their pursuit of Binance, which puts investors in a difficult spot.
Going forward, investors are best advised to keep track of the developments in the investigation, as well as any changes initiated by CZ and Binance as a whole.
XDC Network (XDC) −6%
A relatively smaller entry to this list, XDC has lost 6% of its market value over the past 30 days, which makes it one of the worst-performing cryptocurrencies of November.
Despite this, XDC has delivered impressive returns over the past year, gaining over 120% across the last 12 months of trading.
For this reason, investors are likely to view its performance in November as a bump in the road, as opposed to a significant issue with the trading volume and market sentiment towards XDC as a whole. The coin is likely to close out the year with an overall triple-digit growth, which will be greatly appreciated by anyone holding XDC for the long term.
Stellar (XLM) −5.8%
XLM was one of the notable losers of November, but it is worth mentioning that the cumulative decline in its price is not enough to set off alarm bells for its long-term holders. The coin saw its price drop by just under 6% over the course of the month and investors will be hopeful that this decline proves to be temporary.
In terms of annual performance, XLM has remained strong, gaining over 35% over the past 12 months. While its returns may not be the highest, XLM has managed to retain its standing among competing coins and delivered double-digit growth for its long-term investors.
Conclusion
The month of November continued the bullish action started in October and most cryptocurrencies saw further price appreciation over the past 30 days.
Going forward, investors will be hopeful for the bullish trend to continue towards the end of the year — allowing them to close the year with significant gains and reassess their long-term portfolios accordingly.
Whether this bullish trend is likely to remain strong is yet to be seen, but investors certainly have much more to be optimistic about than they did for the bulk of 2023.