Binance, the leading cryptocurrency trading platform, recently released a comprehensive research report that delves into the possibility of a significant upswing in the cryptocurrency market. The report thoroughly analyzes various factors to determine if a substantial surge in crypto prices is imminent for the entire crypto community. In particular, the conversation delved into the topic by examining prominent narratives surrounding cryptocurrency.
One of the key points emphasized by Binance was the remarkable increase in the value of cryptocurrencies since the beginning of the year. According to Binance, the cryptocurrency market has experienced a tremendous growth of 110% since the beginning of the year. This surge in value has resulted in a significant capital increase, surpassing a staggering $870 billion. Consequently, the collective market value has exceeded $1.6 trillion.
In addition, it was observed that the exchange highlighted that the final quarter of the year had contributed the most significant portion of the $870 billion increase in capital. According to Binance, the cryptocurrency market has observed a substantial surge of 55% during the last quarter, resulting in a total value of approximately $596 billion.
Growth in the crypto market cap | Binance
In addition, Binance has revealed that there has been a resurgence in the supply of stablecoins, with the net change in the supply of the top five stablecoins turning positive during the current quarter. Fascinatingly, this progress signified the initial occurrence of a favorable pattern since the beginning of the first quarter in 2022.
Net change for stablecoins every three months since Q1-2022 | Binance
According to the Binance report, it is essential to note that the supply of stablecoins acts as a measure of the easily accessible capital for investing in cryptocurrency assets at any specific time. According to Binance, the recent achievement is a promising indication of a bullish market.
Yet another encouraging indication for the bullish market. The emergence of Binance has brought attention to a notable development in the non-fungible token (NFT) market. According to the report, there has been a significant surge in NFT volumes, marking a departure from eight months of decline. Notably, November witnessed a remarkable month-on-month growth of nearly 200%. According to the report, Bitcoin has emerged as the top choice for blockchain enthusiasts, with an unprecedented NFT volume of over $375 million. This surpasses the NFT volume of Ethereum, which stood at $348 million.
Furthermore, the study revealed that the charges associated with the top 20 cryptocurrency initiatives witnessed a surge of 84% during October, surpassing the previous month’s figures by more than 100%. The text also highlighted an increase in Total Value Locked in the DeFi sector, with a significant 18% month-over-month growth in DeFi dominance.
Based on the analysis of the critical points and six supplementary narratives, the Binance report concluded that the cryptocurrency sector is gradually recovering from a prolonged period of decline and moving towards a more favorable environment.