The total market capitalization reached a record $3.47 trillion.
Author: Binance Research
Compiled by: TechFlow
This content explores key Web3 developments in November 2024 to provide insight into the current state of the ecosystem. We analyze the performance of the cryptocurrency, DeFi and NFT markets before previewing the major events to watch out for in December 2024.
Performance of the cryptocurrency market in November 2024
In November 2024, the cryptocurrency market reached unprecedented heights, with the total market capitalization reaching an all-time high of $3.47 trillion. This growth was driven by Bitcoin’s remarkable rise to over $100,000 and significant institutional participation, as evidenced by seven straight weeks of spot ETF inflows totaling over $6.5 billion this month . The Federal Reserve’s interest rate cut on November 7 to 4.5% – 4.75% boosted sentiment towards risky assets, while the announcement of the resignation of the chairman of the SEC, Gary Gensler, has fueled speculation about regulatory changes that could benefit digital assets.
BTC and ETH spot ETFs led the gains, breaking inflow records with cumulative net inflows exceeding $30 billion and $577 million, respectively. BlackRock’s iShares Bitcoin Trust and Grayscale’s Ether ETF have emerged as market leaders, highlighting institutional interest in cryptocurrencies.
Altcoins have also seen a recovery, with CoinMarketCap’s seasonal Altcoin Index rising from 27 to 70 and the total market cap up $470 billion month over month. Solana has overtaken Ethereum in daily fees, thanks to explosive DEX activity topping $120 billion, even as controversy hurt the memecoin trading boom. Ethereum regained its dominance in stablecoin liquidity, overtaking Tron to become the leading network for USDT, with supply growing 31.4% to $61.8 billion.
Cryptocurrency market value increased by 39.9% in November
Source: Coingecko as of November 30, 2024
Monthly evolution of the prices of the 10 main coins 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 and greater optimism about Ripple’s regulatory prospects. WisdomTree’s filing for an XRP exchange-traded product (ETP) has further boosted investor confidence.
ADA followed closely, with a 216% surge, aided by the Glacier Airdrop distributing $NIGHT tokens to ADA holders and Cardano’s partnership with BitcoinOS to leverage Bitcoin’s liquidity. Speculation about Charles Hoskinson’s discussions with the Trump administration added to ADA’s momentum.
DOGE gained 160.4%, boosted by Elon Musk and Vivek Ramaswamy’s “Department of Government Efficiency” (DOGE) initiative, fueled by speculation about integration into social media platforms. SHIB also outperformed, gaining 70.7%, driven by regulatory optimism and growing enthusiasm for memecoin.
ETH gained 45.1%, supported by institutional inflows, Fed rate cuts, and increased adoption of Layer 2 solutions that improve scalability. Bitcoin gained 36.9%, driven by strong ETF inflows averaging $180 million per week and optimism over regulatory changes following the US presidential election. TON (+33.3%), TRX (+24.7%) and BNB (+10.8%) made more modest gains, but also benefited from regulatory optimism and the development of specific platforms. BNB’s growth is notably correlated with the success of its BNB Greenfield program, which has attracted large projects such as Limewire.
Decentralized Finance (DeFi)
DeFi’s total value locked (TVL) surged 33.7% in November 2024, reflecting continued on-chain momentum and higher expectations for regulatory clarity. Solana, Base, and Sui led the way, with TVL growth rates of 43.4%, 32.9%, and 54.0%, respectively. Solana’s TVL reached an all-time high of US$8.8 billion, driven by institutional and retail capital inflows. Major contributors included liquidity staking protocols such as Jito, Sanctum, and Binance Staked Sol (BNSOL), as well as liquidity providers Drift and Raydium, which supported the expansion of the network’s on-chain trading volume. The rise of real-world assets (RWA) has further driven growth, with developer activity soaring 14,450% as Chainlink’s infrastructure connects blockchain networks to real-world data.
Core DeFi TVL soared to US$3.4 billion, up 33.4%, driven by strong user participation in the lending market. Uniswap’s TVL soared by 55.4%, reinforcing its dominance in providing liquidity, thanks to seamless integration with Base and Arbitrum. The network also set a record of over 9.2 million daily transactions, highlighting its scalability. Meanwhile, Sui’s TVL reached a record $160 million, thanks to strong capital turnover on the Sui channel. Standout protocols included Suilend, with an 86.5% increase in TVL, as well as projects such as Navi Protocol, Cetus AMM, and Scallop Lend, demonstrating the network’s growing appeal for DeFi innovation.
TVL share of the main blockchains
Source: DeFiLlama as of November 30, 2024
NFT
Monthly NFT trading volume
Total NFT market sales jumped 57.6% in November, with ETH NFTs surpassing US$0.5 billion. However, the number of unique buyers and sellers fell by 24.7%, indicating a consolidation of smaller, higher value transactions. Oversaturation persists, with around 98% of NFT projects launched this year yet to be profitable, highlighting the challenges around profitability and sustainable market engagement. Results were mixed for the Ethereum series, with CryptoPunks leading the way with a 141.4% growth rate and Doodles rebounding with an impressive 584.0% growth rate. Innovative projects such as Courtyard.io continue to maintain strong activity, with an average of 3,500 daily sales.
Driven by enthusiasm for Ordinals and the BRC-20 protocol, Bitcoin NFT trading volume increased by 220%, with major collections such as ArtBlock and NodeMonkes achieving significant growth. Other chains including Solana (+19.3%), Polygon (+28.6%) and BNB Chain (+48.1%) also saw significant growth. These trends reflect renewed optimism in the broader cryptocurrency market, despite the ongoing challenges of maintaining widespread participation and profitability.
Upcoming Events and Token Unlocks
To help users stay informed with the latest Web3 news, the Binance Research team has summarized the major events and token unlocks for the coming month. Keep an eye out for upcoming developments in the blockchain space.
Source: Itez, Binance Research
Maximum USD token unlock
Source: CryptoRank, Binance Research
Author：深潮TechFlow
This content is intended to provide market information only and does not constitute investment advice.
