- AVAX emerged as the top performer among large cap cryptos in November, surging 97% on the back of increased adoption and transaction volumes on the Avalanche blockchain.
- Smaller cryptos like HNT, BLUR, and RUNE also saw major gains, with HNT doubling in price last month.
- Bitcoin and Ether booked more modest gains of 10% and 13% respectively in November, prompting investors to rotate profits into riskier altcoins.
Tokens in the DeFi and Culture & Entertainment sector indexes gained 39%-42% over the past month, showcasing the widening breadth of the crypto rally.
AVAX Leads Large-Cap Crypto Gains in November
The native token of Avalanche (AVAX) surged 97% over the past month, the most among large-cap digital assets, benefitting from news that finance giants JPMorgan and Apollo are using the network to test real-world-asset tokenization.
Transaction volumes on Avalanche’s blockchain also experienced an uptick over the month, recording its highest weekly traffic of $2 billion in transactions in a year, a report by blockchain analytics firm IntoTheBlock pointed out.
The report also noted a sizable increase in inflows to Avalanche over the last two quarters of the year, with $79 million in net inflows in Q3 and $56 million in Q4 through late November, helping rejuvenate the ecosystem.
Smaller Cryptos Like HNT, BLUR, RUNE Double in Price
Internet-of-things communications protocol Helium (HNT) also stood out with a 110% rally last month, CoinDesk data shows. Other notable best-performers include non-fungible token (NFT) marketplace Blur’s token (BLUR) and decentralized cross-chain liquidity protocol THORchain’s native crypto (RUNE), both doubling in prices through the month.
Bitcoin Grinds Higher as Altcoins Outperform
Bitcoin (BTC), meanwhile, booked a 10% monthly gain, spending most of the month between $34,000 and $38,000. After multiple previous breakout attempts being sold quickly, the largest crypto by market cap apparently jumped above the range on the last day of November, hitting a fresh yearly high of $38,800.
The second-largest crypto, ether (ETH), increased 13% in November, stabilizing above the $2,000 level for the first time since April and consolidating there.
Slowing momentum for large-cap cryptocurrencies prompted investors to rotate profits into riskier corners of the digital asset market.
Conclusion
The widening breadth of the crypto rally signals that we are in the midst of an “altcoin season,” investment advisory firm ByteTree said in a report this week. Market observers refer to altcoin seasons as periods when smaller cryptos outperform bitcoin.
