The cryptocurrency market has experienced a significant surge in the last few months. According to recent data from Defillama, a DeFi TVL aggregator, in November 2023, several Layer 1 blockchain platforms saw significant increases in transaction volume.
Record-high transaction volumes for AVAX, OSMO, and SUI
Looking at the altcoin projects, Avalanche’s (AVAX) volume rose by 167% month-over-month (MOM) to $2.73 billion, reaching its highest point since July of the previous year. Meanwhile, Osmosis (OSMO) experienced a 113% MOM increase, reaching $490 million in transaction volume.
As of the current writing, AVAX is trading near $22.19, and in the last 24 hours, it has shown a modest 0.53% upside momentum. Examining the last 30 days’ price movement of AVAX reveals a significant price surge of about 85%, justifying its transaction volume.
On the other hand, looking at the price of OSMO, it is currently trading near $0.6939. In the last 24 hours, it has shown a downside momentum of 1.16%, while in the last 30 days, it has exhibited a substantial 92.2% increase, also justifying its volume surge.
Record transaction volumes for SOL, RUNE
Additionally, Solana (SOL), ThorChain (RUNE), and Sui (SUI) all achieved record-high transaction volumes. As of the current writing, the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) and recent discussions involving Grayscale and BlackRock with the Securities and Exchange Commission (SEC) have contributed to another market surge.
This significant transaction volume also affected Bitcoin (BTC) when its price set a new high on December 1, 2023, reaching $38,800. During this price surge, Open Interest surged to over $724 million within a few hours, and the funding rate is on the rise. CVD remains flat during this movement, despite the more aggressive nature of CVD perpetual.
However, in December 2023, several projects, including dYdX, 1INCH, Aptos, and others, plan to release their tokens for founders, investors, and other key contributors to the project. These significant token releases have caused a decline in prices.
