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Bitcoin (BTC) and altcoins experienced a major crash in October, which is historically known as a bullish month.
While Bitcoin's hopes for a rise in November remained after closing October in the red after a long break, November did not start off very well either.
Binance Research, evaluating the declines in Bitcoin and altcoins in the last two months, analyzed that there was a slight recovery in November.
At this point, Binance Research announced in its latest report that the global crypto asset market value experienced a ‘Red October’, decreasing by 6.1% in October.
However, Binance Research analysts noted that there are signs of increasing investor confidence and said that a recovery can be expected in November.
“Following the liquidation of approximately $19 billion on October 10th last year, the market remains generally risk-averse.
However, it is expected that a partial recovery in investor confidence may be seen in November as expectations that the Fed will end quantitative tightening (QT) have been priced in.
$BNB Became the Only Altcoin!
Binance Research, which also analyzed the situation in Bitcoin and altcoins, stated that despite Bitcoin experiencing a major price correction last month, its market share increased to 59.4% and it continued to trend as the most preferred crypto.
Ethereum ($ETH) also experienced a major correction, with its market share falling slightly to 12.6%. However, institutional demand for $ETH remained strong as $ETH holdings in institutional treasuries exceeded 5% of the total supply.
Looking at other altcoins, Binance Research stated that the only altcoin that increased was $BNB.
According to the data, $BNB showed an unusually strong performance last month, rising 6.2%, driven by ecosystem expansion.
In contrast, Solana (SOL) fell 12.7% despite listing an ETF. XRP was no different, falling 13.9% due to the government shutdown and delayed ETF approval schedules.
Dogecoin (DOGE) and Chainlink (LINK) were also among the weaker performing assets, falling 21.1% and 21% respectively, while Cardano (ADA) fell 24% due to increased whale selling and ETF delays.
*This is not investment advice.