Bitcoin Transaction Fees Outpace Ethereum, DeFi TVL Surges 11% in November: Binance

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David Pokima

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David Pokima

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David is a finance journalist and a contributor to Cryptonews.com with a keen interest in breaking comprehensive, accurate, and reliable blockchain news.

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December 5, 2023 06:01 EST

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The digital asset market recorded an 11% uptick last month with Solana (SOL) and Chainlink (LINK) becoming the top-performing assets as decentralized finance (DeFi) volumes surge, a new report shows.

A recent Binance Monthly Market Insight report shows a growth in the general outlook as most cryptocurrencies surge in value pushing the total market cap over $1.5 trillion.

According to the report, November started with bulls dictating the pace of the market with a 12% increase in the first half before making a slight correction as described as an oscillation between bullish and bearish sentiments.

In October and November, the market gained 19% and 11% respectively signalling a strong finish to the year recovering losses from previous months occasioned by wider macroeconomic factors. Only Junaury’s 30% surge beats the last two in growth metrics.

“All the top 10 coins ended November with positive gains, with SOL and LINK  followed with a 29.11% increase. Solana’s resurgence in the crypto Solana Breakpoint, drew over 13,000 attendees to one of its four venues, highlighting the growing community interest.” 

Bitcoin fees outpace Ethereum

Last month, Bitcoin (BTC) recorded more transaction fees than Ethereum (ETH), a deviation from the regular pattern recorded in several years due to higher network activity on Ethereum hinged on the higher concentration of decentralized applications on the blockchain.

Notably, the new trend stayed constant for nearly two-thirds of the month hitting its widest point in two years. The disparity was fueled by the increasing demand of Bitcoin Ordinals, the popularly described non-fungible token of the market leader which boosted activities on the network clogging the mempool earlier this year.

According to recent data from CryptoSlam, Ordinal transactions were at the highest in November with about $367 million culminating in the high number outpacing Ethereum.

DeFi volumes soar

The bull run has led to an uptick in DeFi volumes including the rapid movement of institutional funds into digital asset products. Overall, total value locked (TVL) across DeFi platforms has surged 11% in the past 30 days with Solana (SOL) registering a 56% increase.

This year, Solana has been described as an institutional investor favorite after weeks of record inflows even when altcoin figures were at a record low. Altcoin leader Ethereum also notched an increase in institutional inflow in recent weeks as its asset price broke through the $2,000 mark.

Optimism and Avalanche also recorded gains in DeFi TVL of 17% and 16% respectively. NFT volumes posted a turnaround from plunging volumes in previous months. Last month, NFT volumes stood at $0.91 billion marking a 200% growth.