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Which Cryptos Scaled New Peaks In November?

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November has been a noteworthy month for many top-ranked cryptos. Close on the heels of market-leader Bitcoin (BTC) hitting an all-time high of $66,930.39 on October 20, 2021, many more cryptos have scaled the all-time-high peak in the month of November.

Ethereum (ETH) hit a fresh all-time high of $4,762.30, a few hours ago, amidst the confluence of interest in metaverse, decentralized finance (DeFi) and non-fungible tokens (NFT). Last week, Bakkt Holdings announced that ETH would soon be listed on its crypto exchange as well as App. The leading alternate coin is currently trading at $4,731.90, down less than 1 percent from the all-time-high. ETH has registered a growth of 940 percent over the past year.

However, the issue of gas fees or payments to be made by users to compensate for computing energy required to validate transactions on the blockchain, remains a challenge for Ethereum till it fully transitions from the Proof-of work to the Proof of Stake protocol. Ethereum's standard gas fees is currently at 85 Gwei and the high gas fees has likely helped Solana, dubbed the "Ethereum Killer" to steadily surge up over the past few weeks.

Proof-of-stake coin Solana (SOL) has surged by 18 percent in the past week and 11230 percent in the past year. The fourth most valuable crypto asset in terms of market capitalization hit a fresh all-time-high of $260.06, on Saturday, November 6. Solana, the open-source project that depends on blockchain technology's permissionless nature to provide decentralized finance (DeFi) solutions is currently trading at $244.55, down around 6 percent from the peak.

Solana, which innovated the Proof-of-history consensus has attracted a lot of institutional interest also, on account of its speed in processing. Solana's native wallet Phantom recently hit one-million users as the Solana Blockchain continues to see a rise in popularity. Growing DeFi ecosystem, cheaper NFT offerings and the gaming vertical on Solana are also driving up its price charts. The Solana ecosystem has also become the second most popular blockchain for NFT trading.

Multichain protocol Polkadot (DOT) that makes a wide range of blockchains interoperable with each other and enables cross-blockchain transfers of any type of data or asset, too touched a fresh peak in the month of November. The coin ranked 8 in terms of market capitalization among all crypto assets is currently trading at $53, down around 3.5 percent from the all-time high of $55 on 4th November. The coin gained 18 percent in the past week and 1113 percent in the past year, in the backdrop of the first parachain auction approval.

Polkadot has enabled parachain registration, which would be opening up the network to a variety of new use cases and projects. Digital asset exchange Huobi Global, has in the meanwhile announced a new offering for users to participate in the projects in the Polkadot ecosystem.

The surge in DeFi or Decentralized Finance denoting financial applications built on blockchain technologies has also helped 12th ranked Avalanche (AVAX) hit a fresh all-time-high of $95.45, a few hours ago. Avalanche, one of Ethereum's rivals aiming to unseat Ethereum as the most popular blockchain for smart contracts, has surged around 45 percent in the past week and more than 2500 percent in the past year. AVAX currently tops the DeFi crypto asset list with a market capitalization of $20.4 billion.

Terra, the blockchain payment network interwoven with stablecoins and powered by LUNA coin surged 18 percent in the past week and hit a fresh all-time high of $52.99 on November 5. The 13th ranked digital asset that combines the borderless benefits of cryptocurrencies with the day-to-day price stability of fiat currencies is currently trading at $50.96, down 3.7 percent from the record high.

Metaverse frenzy has propelled 25th ranked Axie Infinity (AXS) , the topper among metaverse tokens, to scale an all-time peak of $165.37 on November 6, 2021 recording an annual growth of 133900 percent from the all-time low of $0.1234 touched on November 6, 2020.

With all the euphoria surrounding the cryptocurrency market, the total market capitalization has surged to $2.87 trillion, from $2.59 trillion at the end of October. Also, from among the top 100 digital assets ranked in terms of market capitalization by coinmarketcap.com, 74 have recorded weekly price gains and only 26 have seen prices drop over the seven-day horizon.

In the coins category, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP (XRP), Polkadot (DOT), Dogecoin (DOGE), Avalanche (AVAX), Terra (LUNA), Litecoin (LTC), Polygon (MATIC), Algorand (ALGO), Bitcoin Cash (BCH) and VeChain (VET) are the 15 top ranking coins in terms of market capitalization. Avalanche (AVAX), the best performer in this league gained 45 percent in the week and also pushed Terra (LUNA) a notch below.

In the tokens category, Tether (USDT), USD Coin (USDC), SHIBA INU (SHIB), Uniswap (UNI), Chainlink (LINK), Wrapped Bitcoin (WBTC), Binance USD (BUSD), Crypto.com coin (CRO), Axie Infinity (AXS), FTX Token (FTT), Bitcoin BEP2 (BTCB), Dai (DAI), The Graph (GRT), PancakeSwap (CAKE) and Decentraland (MANA) are the 15 top ranking tokens in terms of market capitalization.

The top 5 stablecoin tokens ranked according to market capitalization continue to be Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TerraUSD (USDT).

The top 4 metaverse tokens ranked according to market capitalization are Axie Infinity (AXS), Decentraland (MANA), Enjin Coin (ENJ) and The Sandbox (SAND).

The top crypto assets in the DeFi space are Avalanche (AVAX), Terra (LUNA), Uniswap (UNI), Chainlink (LINK) and Wrapped Bitcoin (WBTC).

Meanwhile Binance, one of the largest cryptocurrency exchanges, has taken its pursuit of the Squid Game scammers a step further with a three-pronged strategy of identifying and blacklisting addresses affiliated with the developers, deploying blockchain analytics to identify the bad actors and providing of findings to law enforcement agencies in the appropriate jurisdictions.

As blockchain innovations and skyrocketing digital asset prices make headlines every other day, the number of first timers entering the market too is increasing in tandem. Whether it is the fear of missing out or the urge to get rich quick, many are heading to crypto land, often unarmed or underarmed.

In the crypto space, the risk-return trade-off is more complex and skewed than in any other market place. To tread and triumph in this space, what is needed is not just an understanding of market dynamics, but also a sound knowledge of cryptos as well as adequate due diligence.

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