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The cryptocurrency market cap grew to $1.5 trillion in November as blockchain protocols and digital assets experienced a massive influx of capital.
During November, crypto prices saw a significant uptick amid market-wide bullish sentiment among participants, with tokens in the top 30 by market cap leading gains within 30 days.
Avalanche (AVAX), a layer-1 blockchain, led price gains with a massive 88% increase on the back of institutional interest, according to 21Shares. JPMorgan and Apollo Global tapped an Avalanche subnet for an on-chain portfolio management tool included in Project Guardian, a proof-of-concept initiative spearheaded by the Monetary Authority of Singapore.
Once hailed as a so-called “Ethereum killer”, Solana’s network saw renewed on-chain activity which filtered into the SOL ecosystem. The token rallied some 63% and trading on Solana-native decentralized exchanges (DEX) hit an all-time high of $7.3 billion. Users likely flocked to Solana for its cheap transaction fees and a basket of token airdrops like Jito (JTO).
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The third-highest gainer was the Ethereum-based exchange Uniswap and its UNI token, which surged over 43% as defi attracted traders seeking permissionless swaps. Uniswap generated at least $1 million from its new UI fee structure, although the move was initially met with skepticism.
Also, the DEX launched its mobile app on the Android Play Store to boost mass adoption.
Fourth on the list, Chainlink (LINK), a data oracle protocol, buoyed north of 38% as its staking v0.2 went live and attracted over $632 million in staked LINK within a few hours. The project introduced its next-gen staking model to secure its network further while incentivizing new users with dynamic rewards.
Lido Finance (LDO), a liquid staking protocol, came fifth with a 28% rally in price and a massive increase in total value locked (TVL). The platform announced its Distributed Validator Technology in late November to bolster efficiency. At press time, Lido sat at the top of liquid staking services with a $20 billion TVL, an all-time high for the defi operator.
