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.