November market review: crypto total market value hit a new high, shanzhai coin collective recovery
2024-12-19 11:38

Cryptocurrency market performance in November 2024 

In November 2024, the cryptocurrency market reached an unprecedented height, with its total market value soaring to a record $3. 47 trillion. The increase was driven by a significant rise to more than $10 0,000 and significant institutional participation, as evidenced by seven consecutive weeks of spot ETF inflows totaling more than $6.5 billion this month. The Fed cut interest rates to 4. 5% to 4. 75% on November 7, boosting confidence in risky assets, while the resignation of SEC Chairman Gary Gnsler (Gary Gensler) added to speculation about regulatory changes that could benefit digital assets.

The BTC and ETH spot ETF led the way, breaking record inflows, with cumulative net inflows of more than $30 billion and $5.77 billion, respectively. BlackRock's iShares Bitcoin Trust and Grayscale's Ether ETF became market leaders, highlighting institutional interest in cryptocurrencies.

Shanzhai also recovered, with CoinMarketCap's seasonal index climbing from 27 to 70, with its total market value up $470 billion from the previous month. Driven by more than $120 billion in explosive DEX activity, Solana's daily expenses surpassed Ethereum, though the controversy hurt memecoin's deal boom. Ethereum regained its dominance of stablecoin liquidity, overtaking Tron as the leader of the USDT network, with supply up 31. 4% to $61.8 billion.

 

The monthly market value of cryptocurrencies rose 39. 9% in November

Source: CoinGecko as of November 30,2024 

 

Monthly price performance of the top 10 tokens by market capitalization


Source: CoinMarketCap as of November 30,2024 


In November 2024, XRP led the cryptocurrency market with a staggering 362. 3% gain, driven by the resignation of SEC Chairman Gary Gensler (Gary Gensler) and more optimism about Ripple's regulatory outlook. WisdomTree The submitted XRP Exchange Trading Products (ETP) have further strengthened investor confidence.

ADA followed suit, surging 216%, thanks to the $NIGHT token Glacier Airdrop allocated to ADA holders and Cardano's partnership with BitcoinOS to leverage Bitcoin's liquidity. Speculation about discussions between Charles Hoskinson (Charles Hoskinson) and the Trump administration adds to ADA's momentum.

DOGE rose 160. 4%, driven by the efforts of Elon Musk and Vivek Ramaswami's Government Efficiency Department (DOGE) initiative, exacerbated by speculation about integration into social media platforms. SHIB also performed well, rising by 70. 7%.

ETH rose 45.1%, supported by increased institutional capital inflows, Fed rate cuts, and the adoption of tier 2 solutions to improve scalability. Bitcoin rose 36.  9%, driven by strong ETF inflows of 1. 800 million a week and optimism about regulatory changes after the US presidential election. TON (+ 33.3%), TRX (+ 24.7%) and BNB (+ 10.8%) achieved relatively modest gains, but also benefited from regulatory optimism and platform-specific development. It is worth noting that the growth of BNB was related to the success of the BNB Greenfield program, which attracted large projects such as Limewire.

 

Decentralized Finance (DeFi)

In November 2024, DeFi total lock-in value (TVL) surged 33. 7%, reflecting continued on-chain momentum and higher expectations of regulatory clarity. Solana, Base and Sui took the lead, with TVL growth rates as high as 43. 4%, 32. [] 9% and 54. 0%, respectively. Driven by institutional and retail capital inflows, Solana's TVL reached a record high of US$8. 8B. Major contributors include liquidity pledge agreements such as Jito, Sanctum and Binance Staked Sol (BNSOL), as well as liquidity providers Drift and Raydium, which support the expanding on-chain transaction volume of the network. The rise of Real World Assets (RWA) has further driven growth, with developer activities surging by 14,450% as Chainlink's infrastructure connects blockchain networks with real-world data.

Base's DeFi TVL, which climbed to US$3. 4B, up 33. 4%, due to strong user participation in the lending market. Due to the seamless integration with Base and Arbitrum, Uniswap's TVL, which has soared by 55.4%, consolidating its dominance in liquidity provision. The network also has a record of more than 9.2 million transactions a day, underscoring its scalability. Meanwhile, Sui's TVL hit a record $1600 million, driven by a strong capital rotation at the Sui chain. Outstanding protocols include Suilend, TVL grew 86. 5%, and projects like Navi Protocol, Cetus AMM and Scallop Lend, which demonstrate the growing appeal of the network for DeFi innovation.

The TVL share of the top-tier blockchain


Source: DeFiLlama as of November 30,2024 


NFT

Monthly NFT, trading volume


In November, the total NFT market sales surged by 57. [] 6%, with ETH NFT exceeding US$0. [] 5B. However, the number of independent buyers and sellers fell by 24. [] 7%, indicating that the small number and higher value transactions are integrating. Oversaturation continues, and about 98% of the NFT projects launched this year are not yet profitable, highlighting the challenges in profitability and continued market engagement. The Ethereum series had mixed results, with CryptoPunks leading at a 141. [] 4% growth rate and Doodles rebounding at an impressive 584. [] 0% growth rate. Courtyard. [] io and other innovative projects continued to maintain a steady activity, with an average daily sales volume of 3,500.

Driven by enthusiasm for the Ordinals and BRC-20 agreements, Bitcoin NFT transactions increased by 220%, with leading collections such as ArtBlock and NodeMonkes seeing significant growth. Other chains, including Solana (+ 19. [] 3%), Polygon (+ 28. [] 6%), and BNB Chain (+ 48. [] 1%), also reported significant growth. These trends reflect renewed optimism in the broader cryptocurrency market, despite ongoing challenges in maintaining broad engagement and profitability.

 

Upcoming events and token unlocking

To help users keep up with the latest Web3 news, the Binance research team has summarized major events and token unlocking over the coming month. Pay close attention to the upcoming development of the blockchain field.


Source: Itez, Binance Research Institute