Market Recap: November 2023

Gabriel Selby -

DeFi outperforms as user activity ramps up

Click to Explore

Key takeaways for the month:

  • A wave of positive momentum swept across our flagship indices, lifted by swelling institutional interest and optimistic technical factors, driving double-digit gains broadly. Bellwether assets Bitcoin and Ether advanced over 8% and 12%, respectively. Notably, Bitcoin reclaimed the $38,000 level for the first time since May of 2022, according to our Bitcoin Real-Time Index. Meanwhile Ether reached new highs, breaking through resistance above $2,100 for the first time since April.
  • Our DeFi barometer handily outpaced peers, vaulting 26% higher. The sector’s ongoing price revival kept pace with another leg up in Total Value Locked – a trusted gauge of the expanding DeFi landscape. And our Smart Contract index was another top performer, rising 24% fueled by rallies in premier constituents, underscoring robust appetite for vanguard blockchains.
  • Bitcoin futures activity ratcheted higher, with open interest climbing 11% to an all-time peak of nearly 22,000 contracts in November. Ether futures were also on the upswing, rising 13% against the backdrop of a landmark spot ETF filing from BlackRock – the world's largest asset manager.

Monthly Index Performance

Source: CF Benchmarks, Bloomberg, as of November 30, 2023

To read the complete report, kindly click on the provided link (or click here to view a PDF version). Additionally, please do not forget to subscribe to our latest news and research for the most relevant institutional insights on digital assets and the top digital assets by market cap.