Analysts from Kaiko have released a report assessing several important aspects of the cryptocurrency market. The surge in trading on decentralized exchanges (DEX) in November to $29 billion drew attention, but the figure still remains below the all-time high of $124 billion reached in May 2021. Binance also came under scrutiny following the listing of the new euro-linked AEUR stablecoin. The asset lost its peg to the fiat currency and surged nearly 200% after it began trading, accompanied by a significant reduction in market depth and a 96% and 92% decline in supply and demand respectively.
The report also revealed interesting dynamics in the bitcoin derivatives market, with open interest reaching $10.2 billion, the highest level since March 2022. Experts emphasized that this growth opens a new chapter in the development of this segment. Regarding the Solana cryptocurrency, its price reached a 19-month high, despite a decrease in the depth of the market. This growth has been ongoing since the beginning of 2023 and is noticeable even with significant fluctuations.
Overall, Kaiko's report highlighted the key dynamics in the cryptocurrency market, emphasizing the role of DEX, changes in stablecoins and interest in bitcoin derivatives, giving investors and traders an additional perspective in assessing the current environment and market developments.
