Download the full 40-page report here.
November 2022 was undoubtedly one of the most historically significant months in crypto. This year’s misfortunes highlighted the holes in crypto and what needs to be rebuilt in the next months for the industry to rise again to its former status as the future of money.
Key points from this month’s report:
Data from 12+ independent sources, synthesized for the One Click Crypto reader.
In November, the cryptocurrency market lost over $153.61Bn of its market cap, with most of the losses coming immediately after the collapse of the FTX exchange. The rapid downflow saw FTX’s native token, FTT, devalue by over -78.12% in 24 hours. Over $1.80Bn worth of Bitcoin was taken out of centralized exchanges.
Solana (SOL), a top 10 crypto coin at the beginning of the month, dropped by -57.62%, while Cardano (ADA) kept its ninth position after losing -21.06% from its price. Polygon (MATIC) was one of the few gainers with a modest +2.94% price increase in November.
This year’s November was the third worst in BTC’s history. For December, the average ROI is +5.70%, with Bitcoin dropping by -18.90% in the final 31 days of 2021.
Bitcoin opened in November at $20,493 and was up by +4.78% in seven days, up to $21,473. Then on Nov 5, the disaster for FTX began, seeing the exchange go from $32Bn to bankrupt. Bitcoin led the downfall of the whole cryptocurrency market, dropping by -27.20% to $15,632. For the rest of the month, BTC traded in a narrow range between $15,600 and $17,300, ending November at $17,166.
In November, BTC perpetual futures funding rates tended to be in and dropped to record negative territory, indicating a tilt toward short positioning.
In November, the total value locked (TVL) in DeFi went down from $54.69Bn to $42.56Bn (-22.17%).
One of the largest losers was Solen (SLND), a Solana chain lending protocol that dropped by -90.10%, erasing over $286.71M of its value after a whale got liquidated during FTX’s collapse.
On the other side of the spectrum, there were several big gainers, including Cashflow (DEX), Silo Finance (Lending Platform), and Shell Protocol (DEX).
Decentralized bridge volume jumped in November, reaching a daily peak of $1.46Bn on Nov 19. The total monthly volume, according to DefiLlama, was $8.06Bn, which is an +115.72% increase from October.
More than $1.05Bn were raised for DeFi projects in November. That is shy of the year’s high from March of $3.56Bn, but still shows investors’ interest in the Web3 space even with all the FUD that overwhelms the media daily. Last month, one of the largest fund rounds was that of Veax, a DEX on NEAR that raised $1.2M Pre-seed.
The Ethereum blockchain remained the preferred network for stablecoin transactions in November. At a share of 41.27%, USDC was the dominant stablecoin on the ETH chain.
Centralized exchanges (CEX) remain the top way for investors to buy and sell cryptocurrencies. After FTXs mishandle customers’ funds, transparency grows as the number one priority of CEXs. Binance pivoted the way of making it a practice to provide monthly Proof-of-Reserve stats to ensure that the exchange is liquid.
Kraken’s ex-CEO Jesse Powell critiqued the initiative, calling it “useless” if exchanges fail to provide a full list of both assets and liabilities. Nonetheless, this is a step in the right direction for Web3.
Glassnode introduces an array of proof-of-reserve metrics to easily monitor the balances of exchanges’ on-chain reserves held in self-reported addresses. As of Dec 6, eleven major exchanges have (partially) disclosed addresses: Binance, Bitfinex, BitMEX, Bybit, Crypto.com, Deribit, Huobi, KuCoin, OKEx, SwissBorg, and CheckSig.
With net outflows of -91,557 BTC in November, BTC experienced the largest negative flows from CEXs in its history, according to CryptoCompare data.
In November, the US economy grew by an average of %%%, according to the S&P, NASDAQ, and Dow Jones indices.
However, the challenge for cryptocurrencies is whether they can overcome the negative sentiment following the collapse of FTX and its aftermath. The negative correlation between cryptocurrencies and equities marks a departure from the lockstep movement that has persisted for most of this year.
In November 2022
Source: WorldBank.org
In November, Gold gained traction as the weakening of the US dollar led investors to rely on the time-tested inflation hedge. At the end of the month, Gold was trading at $1,773.42 per ounce (+7.68% monthly gain).
This marks the lowest point of the year for the Bitcoin/Gold correlation at 9.7722.
Blockchain technologies and decentralized networks have revolutionized our perception of how money works. Transferring funds, paying taxes, and even getting a cup of coffee at Starbucks will never be the same again.
The possibilities are limitless, and the best part is that everyone gets a fair shot! With the rise of DeFi, a completely new exchange market has developed amid DEXes (Decentralized Exchanges).
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AI In Cryptocurrency Trading: The Big Picture
Can AI Outperform The Bear Market?
One Click Crypto kept its edge over Bitcoin (BTC) and Ethereum (ETH) over the last six months, while the top two cryptocurrencies lost over -30% of their price each.
November’s best-trading AI strategies at One Click were Horizon at -4.14% and Solar at -4.38%. Both bots have a track record as good risk management tools.
Profits are possible even during a crypto recession. The Performer v2 strategy proved it by gaining +19.67% in FTM: USDT and +17.23% in LTC: BUSD. Horizon was profitable in LINK: BUSD with +13.30% ROI.
Outperforming Bitcoin
The graph focuses on the average performance of all BTC trading strategies on One Click Crypto. The AI-managed BTC outshines the underlying asset by +66.07% over 22 months, showing a positive long-term trend.
One Click Crypto’s long-term results against Bitcoin:
1CC: +10.24% | BTC: -55.83%
Outperforming Ethereum
The AI-managed Ethereum strategy outperformed ETH by +149.37% over 22 months, with an even stronger long-term projection trend than Bitcoin.
One Click Crypto’s long-term results against Ethereum:
1CC: +154.60% | ETH: +5.23%
As we move toward the One Click DeFi products and 1CC token launch, it makes sense to recap what we have already achieved and where we want to go… Read the full report.
One Click Crypto is partnering with Lithium, a platform where you can earn rewards by completing various tasks called missions. The rewards are still available on our Lithium page.
For its upcoming 1CC token launch, One Click Crypto will allocate $1,000,000 worth of its supply to OBT holders. A total of 2,857,142.857 1CC tokens based on their public sale price of $0.35 will be airdropped to all holders of OBT.
After One Click Crypto’s campaigns in Singapore, Bali, and Dubai, it was time for the company to return to its home continent, Europe. Specifically, One Click was pleased to attend one of the most important Web3 events of the year, TOKEN2049, between Nov 9–10 in London.
Nov 9–10 TOKEN2049 In London
About TOKEN2049 London
TOKEN2049 is a premier crypto event held annually in Singapore and London, where CEOs and founders of the leading Web3 companies share their market insights. TOKEN2049 unites the global crypto industry, bringing together entrepreneurs, investors, developers, industry enthusiasts, and international media, creating unparalleled networking opportunities.
Nov 23–24 Next Block Expo In Berlin
Between Nov 23–24, 2022, One Click Crypto was part of the Next Block Expo in Berlin. The company presented its vision of the future of digital asset management and networked with Web3 entrepreneurs and investors. We presented a pitch deck on the innovative and opportunistic CeDeFi sphere.
This Month’s Updates
Updated Help Center portal
This month, we have introduced an updated Help Center portal. This way, all the information about One Click Crypto’s app, AI technology, and billing can be found in one centralized place.
Functionality to archive bots in bulk
We have introduced a feature that was highly requested by some of the One Click Crypto app’s users — a convenient functionality to archive active bots in bulk.
Other Updates
November showed us that no one is too big to fail. It also taught us valuable lessons on transparency, self-custody, and ineffective funds management. FTX collapse highlighted the flaws of traditional monetary systems and proved that decentralized finance did not fail; we did by refusing to use it as intended.
Markets, businesses, and whole industries go through life cycles. Textbooks refer to them as introduction, growth, maturity, and decline. After it goes through all four, an industry either dies or restarts the process again. In one year, the crypto market lost -73.33% of its value, and now it is in front of a crossroads.
At its current stage, crypto depends on external factors like regulatory compliances and favorable macroeconomic conditions. However, DeFi, by design, is self-sufficient, and as its technology advances, the gap between reaching crypto’s true potential will narrow.
For crypto to rise in 2023, the main product developing focus will be making Web3 applications that interact directly with blockchains while also being user-friendly, secure, and fast. Companies are already making this shift, giving a push to a new technological trend that will drive the industry upwards.
Grow your Crypto with One Click.
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