November 2020 in numbers: Historical maximum price of bitcoin, launch Ethereum 2.0

BTC/USD Bitstamp Exchange BitC/USD graph. Data: TradingView.

Week/USD schedule Bitstamp Exchange. Data: TradingView.

  • On November 30, Bitcoin’s price has updated a historical maximum of many cryptocurrency exchanges, overcoming peak notes of December 2017. On Bitstamp, the bitcoin exchange rate reached $ 19,870, and on December 1 reached $ 19,918. On Binance, the new peak is recorded at $ 19,863. The average maximum on the analytical portal Coingeco has also been updated and amounts to $ 19,799.
  • On December 1, the market capitalization of the first cryptocurrency also reached a maximum at $ 369.6 billion.
  • Ethereum updated the two -year maximum, reaching the marks of the beginning of 2018 – the price of the asset reached a peak at $ 636. The growth of the course was accompanied by increased oncha-active on the eve of the launch of the second version of the protocol with the function of stakeing.
    However, the second in capitalization of cryptocurrency is still traded 58% lower than its historical maximum recorded on January 13, 2018.

BitStamp’s XRP/USD weekly schedule. Data: TradingView.

Market activity has positively affected many altcoins, especially XRP – in November, token growth was 175%. On November 24, the XRP course updated the two -year maximum, reaching $ 0.79 at the peak (at the Coinbase exchange, $ 0.90). As a result, the market capitalization of token increased from $ 10.8 billion to $ 32.2 billion. The asset returned to third place in the ratings of the most capitalized coins. Nevertheless, XRP is traded 83% lower than the historical maximum recorded on January 4, 2018.

As a result of November, no less impressive price dynamics was shown by Litecoin (LTC), Cardano (ADA) and Stellar (XLM) – 60%, 85% and 160%, respectively.

Market moods and correlations

Cryptocurrency “Index of Fear and Greed” continued confident growth in the zone of extreme greed. During November, the indicator was stably higher than 80, signaling of significant market activity. By December 1, the index reached an absolute maximum at 95 mark against the backdrop of an unsuccessful assault on Bitcoin $ 20,000. The average value of the month was 86.5 (in October it was 57.1).

Dynamics of the index of fear and greed. Data:

Data for 1.12.2020.

The dynamics of search queries “Bitcoin” for 2020 in Google. Data: Google Trends.

Against the background of the growth of Bitcoin, residents of the Russian Federation became more often interested in cryptocurrency – the number of search queries for the word “bitcoin” has increased sharply to the annual maximum in just a month and a half, according to Google Trends data.

The correlation of bitcoin with other coins and traditional assets in November is significantly weakened, which is explained by the rapid increase in the price of cryptocurrency to the new historical maximum. The statistical relationship with gold decreased from 0.52 in October to 0.38 in November. The correlation of bitcoin with the index s has also decreased significantly&P 500 – November 1, the indicator was at the mark of 0.29, and by the end of the month reached 0.23. Such discrepancies indicate the strengthening of the positions of the first cryptocurrency as an alternative asset.

Correlation of assets for 90 days. Data: Blockchaincenter.

The volume of trading

Trading volume (STO), billion $. Data: Cryptocompare.

The volume of trading on the spot platforms in November showed the third largest result in history ($ 272 billion). The indicator is inferior only to December 2017 and January 2018 – then the turnover for two months kept at $ 307 billion.

In the context of the sites, the absolute leader is the Binance exchange – in November, it accounted for $ 176 billion, which is the maximum indicator in the history of the platform existence. The top 3 also included American sites Coinbase and Kraken-their turnover in November amounted to $ 29 billion and $ 16 billion, respectively. This indicates a significant interest in cryptocurrencies among American investors.

Futures and options

Bitcoin and Ethereum futures. Data: SKEW.

Bitcoin and Ethereum options trading volume, million. Data: SKEW.

Bitcoin and Ethereum growth was accompanied by record activity in the derivatives market. The volume of trade in futures updated the maximum values ​​- at $ 69 billion for Bitcoin -based contracts and $ 23 billion for Ethereum, ahead of the daily turnover during the March collapse of the market.

Open interest in bitcoin shops in November updated the maximum at $ 7.1 billion. On November 26, the total indicator fell by 20% following the correction of bitcoin by $ 3000, against which the volume of liquidations on all assets reached a record $ 1.5 billion.

Activity has increased in the options market. Trading volumes for Ethereum contracts by the end of the month for the first time exceeded $ 100 million, and in bitcoin-optimists-$ 800 million, increasing on average three times.

Open interest in bitcoin departments in November updated the historical maximum at marks above $ 5 billion, and on Ethereum contractions approached $ 1 billion.

Open interest in bitcoin stores on various exchanges. Data: SKEW as of 28.eleven.2020.

Thanks to the activation of large players, the Chicago Modern Exchange (CME) was first first in the first place in the number of open positions in the Bitcoin Futures market. However, OKEX soon returned the first place, which recently resumed the withdrawal of funds.

Messari data as of 1.12.2020.

The dynamics of the value of funds blocked in the Defi sector. Data: Defi Pulse.

In November, decentralized finance projects increased significantly after the “Medvezhye” October. Among popular coins, AAVE, Sushiswap and Yearn have risen most of all.Finance, known for its aggressive absorptions and high token price.

Due to the significant revival of the market, the cost of funds blocked in the sector increased by 32%, having picked up to $ 15 billion.

TOP-3 Defi project at the cost of blocked funds, billion $ as of 1.12.2020. Data: Defi Pulse.

Capitalization of bitcoins tokenized on Ethereum. Data: Dune Analytics.

The leader in the cost of blocked funds was the landing service of Maker (last month the Uniswap exchange was in the first place). Bitcoin Bitcoin WBTC token rose from the third to the second position. The third place was taken by the Compound project, and Uniswap dropped out of TOP-3.

The capitalization of bitcoins tokenized on the Ethereum blockchain increased by 39%per month, to $ 2.8 billion. The capitalization of the most popular Bitcoin on the air – WBTC – increased by 44%in a month, reaching $ 2.3 billion. Similar protocols offer digital gold to access to the DEFI sector abundant applications. Demand for Ethereum Actives secured by bitcoins limits the active offer of the first cryptocurrency, contributing to its growth.

Defi-protocol YEARN.Finance creates an ecosystem, absorbing other projects

oneOn November 24, the developers of the Pickle Finance decentralized finance protocol announced a merger with the YEARN project.Finance after loss of the first $ 20 million as a result of a hacker attack. YFI creator Andre Kronya explained cooperation by the similarity of projects.

2The very next day, Crinius presented the details of integration with the landing protocol Cream Finance to work on the launch of its second version of the protocol. Cream will also become a platform for launching StableCredit – a protocol in which stablecoins and a mechanism of automated market maker are involved.

3November 28, Yearn Finance acquired a specializing in Cover Protocol insurance. The goals are the same – to optimize, expand and strengthen, based on a common vision.

fourOn November 30, the project absorbed the institutional investors focused on institutional investors and also hacking the Akropolis Defi Protocol.

5The weekly acquisition marathon ended with the most high -profile announcement – on December 1, Andre Kronya announced a merger with a decentralized Sushiswap platform. Together, projects will focus on the development of technology of an automated market maker (AMM).

The volume of trading on decentralized exchanges, billion $. Data: Dune Analytics.

The volume of trading on decentralized exchanges (DEX) in November continued to decline, falling to $ 17.07 billion. Uniswap has a 54.8% market lobe. The second place was taken by the competing Sushiswap platform, largely thanks to the end of the Uni mining program at the beginning of the month of the Uniswap liquidity program.

Subsequently, Uniswap lost 50% liquidity, in the moment, rolling back to the sixth line in the total rating of blocked means. Against this background, the cost of blocked assets on Sushiswap increased from $ 260 million to $ 1.1 billion (by the end of the month the indicator stabilized at $ 730 million).


Market capitalization of stablecoins. Data: Messari.

The capitalization of stablecoins in November reached $ 24 billion. Within a month, Tether released 2.4 billion USDT – the share of the project in the segment exceeded 80%. The closest competitor of Circle for the same period has released 31 million USDC – the capitalization of stabilcoin approached $ 3 billion.

P2P trade

The volume of trading on the Localbitcoins P2P platform in 2020, million $. Data: Coin.Dance.

The volume of trading on the PXFUL P2P platform in 2020, million $. Data: Coin.Dance.

In November, P2P platforms recorded some revitalization, but without significant bursts of the volume of trading. Localbitcoins have a similar trend towards an increase in volume for a month – the indicator has grown from $ 36.4 million in the first week of November to $ 40.6 million to the final.

On the Paxful platform, the amount of bidding on average increased by 10%, compared with the last month, reaching $ 36 million.

Mining, hashrate, commissions

The dynamics of the Bitcoin hashrate since the beginning of the year, eh/s. Data: Glassnode.

Dynamics of the Heshreyite Ethereum, H/S. Data: Glassnode.

Heshrait Bitcoin recovered after a collapse at the turn of October-November. The growth of the indicator for the month amounted to 18%, and in relation to the local minimum on November 3 – 55%. The positive dynamics of the hashReite may be associated with the connection of a large number of ASIC minkers to the network after the completion of migration from Sichuan. The indicator also historically correctly correlates with the price of bitcoin.

During the same period, the Ethereum hashrate once again updated the historical maximum. For a month, the indicator grew by 9%.

The dynamics of the average commission for BTC and ETH transaction. Data: Blockchair.

Share of the largest pools in the hashrate bitcoin. Data: BTC.Com as of 1.12.2020

Last month, the average cost of the commission for Ethereum transaction increased slightly, which is associated with the revival of the market and the activation of onchain-activity. In Bitcoin, the corresponding indicator decreased over most of November, but then resumed growth against the background of updating price maximums in the pair of BTC/USD.

As before, the locomotive of the Heshrait Bitcoin is Chinese mining pools. The largest of them: F2Pool, Poolin and BTC.Com. Their shares in the total computing power are 19.2%, 12.4% and 11.3%, respectively. The balance of power in the segment for a month has almost not changed.

Bitcoin and Ethereum miners in November. Data: Glassnode.

Bitcoin and Ethereum miners in 2020. Data: Glassnode

Thanks to the growth of the Bitcoin course, miners returned to the levels that preceded the May halving. In November, Bitcoin miners earned $ 516.6 million. During the same period, Ethereum miners earned $ 258.8 million, which is less than in September and August, during an abnormal growth of commissions on the network caused by a stir in the Defi segment.


Changes in balance of various categories of bitcoin addresses from October 15 to December 1. Data: Glassnode.

From mid -October to December 1, 2020, changes have occurred in the structure of the balance of bitcoin holders – the number of players with ≥1000 BTC and ≥10 000 BTC increased by 4.61% and 4.81%, respectively, respectively. Without special changes, the number of “medium wallets” is left. The number of retail investors, with assets from 0.01 BTC and from 0.1 BTC, decreased by 0.88% and 1.27%, respectively.

The price of bitcoin and the dynamics of balance of centralized exchanges, thousands of BTC. Data: Glassnode, Yahoo Finance.

Percentage of the market supply of bitcoin, which has not moved for more than two years. Data: Glassnode, Yahoo Finance.

  • The trend continued to reduce the balance of centralized exchanges (CEX). In November, CEX balance reduced by 3%, from the beginning of the year – by 17%. On December 1, 12.94% of Bitcoin’s total offer was stored on centralized exchanges.
  • The trend may be due to the growth of the popularity of Defi platforms, including WBTC, and the desire of market participants to independently control the means. Obviously, the growth of bitcoin does not serve investors with a sufficient incentive for active sales of digital gold in centralized exchanges. In addition to reducing potential pressure on the price, this may indicate the institutional participation and growth of the number of supporters of the Buy strategy&Hold.
  • In November, the share of Bitcoin’s market proposal, which has not moved for more than two years, slightly decreased. This may talk about fixing the profit of part of the Holders. However, the total trend remains ascending – from the beginning of the year the indicator has grown from 39% to 44%. This indicates a decrease in the [simple_tooltip conte = ’tendency of economic entities to prefer consumption at present, and not in the remote future.’] Temporary preferences [/simple_tooltip] among market participants.

Dynamics of the number of active bitcoin addresses. Data: Glassnode.

The share of the offer of Ethereum, involved in smart contracts. Glassnode data.

  • Against the background of the involvement of large investors, the massive adoption of bitcoin among a wide range of market participants is growing. This is noticeable in terms of an increase in the number of active addresses – the indicator is approaching the values ​​of the end of 2017.
  • Since mid-October, there has been a noticeable decrease in the share of Ethereum, involved in the smart contracts of Defi-applications. This may be due to a decrease in hype in the sector, as well as the desire of investors to fix the profit against the background of updating the annual maximum price ETH.

The activity of institutional

The volume of investments of public companies in Bitcoin as of December 1, 2020. Data: Bitcointreasuries.

Public companies significantly increased unrealized profits from investments in Bitcoin. For example, the main business Microstrategy (development of the software) brought $ 34.35 million last year. For comparison, the profit from investing in the first cryptocurrency reached $ 322.7 million in less than four months.

Another example is the founder of Twitter Jack Dorsie. In October, the company invested 1% of its capital in Bitcoin, having acquired 4709 BTC. Initial investments of $ 50 million today have increased to $ 92 million.

Grayscale Bitcoin Trust (thousands of BTC). Data: Grayscale.Co.

The next record set Grayscale Investments – November 18, the value of assets under the management of the company exceeded $ 10 billion. December 1, the indicator was already $ 12.3 billion. Such a rapid growth of the indicator is a clear sign of institutional interest. According to the observations of the JPMorgan financial holding, the rates of deposits in the Grayscale Trust Foundation were ahead of the flow of funds on the basis of gold.

The Galaxy Digital Mike Foundation has attracted $ 58.7 million from 33 investors with an average amount of investment of $ 1.6 million.

Against the backdrop of the activity of the institutions, the American exchange of Coinbase reported a record volume of assets in storage in its caste service – since April this year, the indicator has increased from $ 6 billion to $ 20 billion.

What else about the institutional?

  • The Swiss subsidiary of the Russian Gazprombank Gazprombank (Switzerland) LTD launched a test trade in bitcoins.
  • BlackRock Chief Investment Director Rick Rick Rick Rick said Bitcoin is able to replace gold.
  • Skybridge Capital investment company with assets of $ 9.2 billion, founded by ex-assistant Donald Trump Anthony Skaramucci, sent applications for approval of investment in digital currencies to the SEC.
  • Vaneck Management Added Bitcoin-ETN to the list of traded tools. Bidding is launched on the German exchange of the German exchange of Xetra.

Billionaires look at bitcoin

  • Former Jordge Soros’s associate Stanley Drakenmiller said he invested in Bitcoin, noting his advantages over gold. He emphasized that although precious metals occupies a significant part of his portfolio, he expects a greater return from the first cryptocurrency.
  • Billionaire Ray Dalio, on the contrary, believes that the governments will “strangle” bitcoin before he reveals his potential. For this reason, the American financier prefers gold. Later Dalio admitted that he could be wrong.
  • Mexican billionaire and founder of Grupo Salinas Group Salinas Ricardo Salinas invested 10% of his portfolio in Bitcoin – he accompanied his decision with a video that shows garbage bags with Venezuela Bolivars.

What with digital currencies of the central boards (CBDC)?

PRC Chairman Xi Jinping believes that China One of the main legislators of the international regulatory framework for CBDC should be. At the same time, he called on the G20 to develop unified standards for CBDC.

Joint pilot studies UAE and Saudi Arabia Regarding the relevance of the release of the digital currency, it ended in success – the countries considered the technology of the distributed register of relevant.

European Central Bank (ECB) and completely initiated a survey among EU residents about the relevance of the release of digital euros, as a result of which the head of the bank Christine Lagarda allowed the possibility of creating it in the next two to four years.

Central Bank RF held a meeting with representatives of the country’s largest banks regarding interaction with digital ruble and scenarios of its implementation. Later, Sberbank presented its own model of tokenization of all non -cash rubles according to the unified rules established by the Central Bank. In response, the Bank of Russia said that it would independently issued digital rubles that will become the third form of money. Following the example of China, the Central Bank of the Russian Federation will not allow the release of stablecoins on its basis.

What with digital currencies of the central boards (CBDC)?

PRC Chairman Xi Jinping believes that China One of the main legislators of the international regulatory framework for CBDC should be. At the same time, he called on the G20 to develop unified standards for CBDC.

Joint pilot studies UAE and Saudi Arabia Regarding the relevance of the release of the digital currency, it ended in success – the countries considered the technology of the distributed register of relevant.

European Central Bank (ECB) and completely initiated a survey among EU residents about the relevance of the release of digital euros, as a result of which the head of the bank Christine Lagarda allowed the possibility of creating it in the next two to four years.

Central Bank RF held a meeting with representatives of the country’s largest banks regarding interaction with digital ruble and scenarios of its implementation. Later, Sberbank presented its own model of tokenization of all non -cash rubles according to the unified rules established by the Central Bank. In response, the Bank of Russia said that it would independently issued digital rubles that will become the third form of money. Following the example of China, the Central Bank of the Russian Federation will not allow the release of stablecoins on its basis.

Key events in the region

  • En+ Group and Bitriver created an enterprise for mining cryptocurrencies.
  • Demand for mining equipment in the Russian Federation grew by 45%, evito data indicate.
  • Sberbank will launch a blockchain platform for buying digital assets. The head of the bank, German Gref, also allowed the possibility of a Sberbank of his own Stablecoin in 2021.

  • In November, a bill “On Stimulating the Development of Digital Economy in Ukraine” was submitted to the Verkhovna Rada of Ukraine as part of the “City” project. It provides for the creation of legal foundations to stimulate the IT business in the country.
  • BINANCE and the Ministry of CIFRA of Ukraine released an educational series about Bitcoin, designed to introduce users with the history of digital assets, terminology, mining, exchanges and the process of buying and selling cryptocurrencies.

Key events in regulation

  • December 2 Verkhovna Rada Ukraine In the first reading, she adopted the draft law as a basis. Virtual assets equated to intangible benefits.

  • Central Bank Kyrgyzstan proposed to regulate cryptocurrency companies providing cryptocurrency exchange services.

  • AT ArgentinaCryptocurrency regulation will be proposed – one of the congressmen is preparing to submit the corresponding bill to the local parliament.

  • Ministry of Finance Nigeria Together with the National SEC will develop a regulatory framework for cryptocurrencies and blockchain technologies.

  • Prime Minister RF Mikhail Mishustin announced the intention of the authorities to protect the rights of cryptocurrency owners and amend the legislation. Later, the Ministry of Finance of the Russian Federation made amendments providing for criminal punishment for the non -draft of cryptocurrencies, and on November 26 the Government of the Russian Federation approved the bill.

  • South Koreaintroduce a ban on anonymous cryptocurrencies. The authorities postponed the taxation of cryptocurrencies until 2022.

  • South Africaequates cryptocurrencies to financial products.

Ethereum 2 launched.0 with stakeing function

oneOn November 4, Ethereum developers presented an Ethereum 2 deposit contract.0, which allowed to send coins from the existing network to ETH2. The date of the block genesis was announced – December 1, 2020. The main condition for the launch was the participation of 16,384 validators, which, by the established date, were to be added in a total of 524,288 ETH (with a minimum threshold of 32 ETH). The first deposits began to arrive on the same day.

2The co -founder of Ethereum Vitalik Buterin, who a day later, sent 3200 ETH to the community.

3A week later, November 11, users introduced 52,993 ETH or 10% of the required amount.

fourButerin later described the advantages of participation in the ETH2 early steiking for validators, not forgetting to mention the penalties provided for by the protocol.

5Some of the users alerted the irreversibility of deposits into the ETH2 system, however, Vitalik Buterin dispelled doubts, saying that it was possible to return the funds if the network did not start on December 1, it was possible with the help of a hard fork.

6Despite the slow pace at the start, users ensured the launch of Ethereum 2.0 on time – the required threshold of 524 288 ETH and 16,384 validators were overcome on November 24. Among the investors, the IBC Group investment company was noticed, which transferred the equivalent of $ 10 million. The last 25,000 ETH has introduced a Celsius Network Cryptocurrency Lending Service.

7December 1, the lawl phase Ethereum 2 was launched.0. The amount made by users by 66.5% exceeded the required threshold.

Other significant events of November

On November 26, the Chinese cryptocurrency exchange OKEX resumed the withdrawal of funds. The function was inaccessible to users from October 16. According to Cryptoquant’s analytical companies, on the first day 24,631 BTCs displayed from the platform, while more than 21,000 BTC received the address addresses. Users mainly sent funds to competing platforms – Huobi, Binance and other exchanges.

Bitcoin, Bitcoin Cash, Ethereum and Litecoin became available to American clients of the company. A weekly limit for the purchase of cryptocurrencies – $ 20,000. The head of PayPal later said that in the end, bitcoin will be more used for everyday payments, and not as a tool for maintaining the cost. He also announced the opportunity to accept bitcoin as a payment by merchants in the PayPal system next year.

On November 3, the US Department of Justice confiscated 69,370 BTC worth more than $ 1 billion, as well as an equivalent number in Bitcoin Cash, Bitcoin SV and Bitcoin Gold, accrued during the time of hardware. It turned out that this wallet has been trying to hack hackers for years and he was involved in the Bitcoin stolen in 2012 with the Silk Road darknetplais, the founder of which Ross Ulbricht is serving life imprisonment.

The initiator of the large-scale update was the Poolin mining pool, which launched the portal to prepare for the update of Taproot on the Bitcoin network, designed to develop a single approach to activation of technology. Two weeks later, pools that provide 82% of the Bitcoin chain of Bitcoin has been announced to support its implementation.

Read more about Taproot and Schnorra’s signatures on the educational card.

November 18, the first halving in its history was held on the network of privacy of Zcash cryptocurrency. As a result, the award of miners for the found blocks decreased from 6.25 ZEC to 3.125 Zec. Together with halving, a major Canopy update was activated, providing, among other things, the creation of a network development fund with a deduction of 20% of remuneration by miners.

On November 15, a planned hard fork was held on the Bitcoin Cash network, as a result of which a new network with a separate Bitcoin Cash Node (BCHN) token appeared. The largest event by Bitcoin Cash ABC (BCHA), which supports the expulsion of 8% of awards for the resulting block to the development fund, has not enrolled. The exchanges supported the BCHN network by fixing the original bch ticker for it.

Quotes of the month

“Bitcoin will become more mature and we will see more regulation in relation to its payment functions. Existing payment mechanisms are ineffective – this is a driver for bitcoin growth “.Jay ClaytonChairman of the SEC USA

“Let’s make a number of changes to the Tax Code. Digital financial assets will be recognized by property, their owners will be able to count on legal protection in case of any unlawful actions, as well as defend their property rights in court ”.Mikhail MishustinPrime Minister of the Russian Federation