In November 2024, the cryptocurrency market experienced significant growth, with the total market capitalization reaching a record US$3.47 trillion. Bitcoin’s rally to over US$100,000 and increased institutional participation contributed to this surge. Additionally, the announcement of SEC Chair Gary Gensler’s resignation raised speculation about potential regulatory reforms favorable to digital assets. Binance Research provides industry-grade analyses to help the community stay informed about the latest trends in the crypto market.
The blog examines key developments in Web3 in November 2024, offering insights into the performance of crypto, DeFi, and NFT markets. Altcoins saw a resurgence, with Solana outpacing Ethereum in daily fees due to explosive DEX activity. Ethereum regained dominance in stablecoin liquidity, while XRP, ADA, DOGE, and SHIB experienced significant price surges driven by various factors such as partnerships and regulatory optimism. BTC and ETH spot ETFs broke inflow records, highlighting institutional interest in crypto assets.
In the DeFi sector, Total Value Locked (TVL) surged by 33.7% in November, with Solana, Base, and Sui leading the way. Real-world assets (RWA) contributed to the growth of the DeFi ecosystem, with Chainlink witnessing a significant increase in developer activity. Uniswap’s TVL soared by 55.4%, showcasing its dominance in liquidity provision, while Sui achieved a record US$1.6B in TVL driven by strong capital rotation into Sui-based chains. Overall, the DeFi market showed robust growth and increasing investor interest.
The NFT market experienced a 57.6% surge in total sales volume in November, surpassing US$0.5B for ETH NFTs. Ethereum collections like CryptoPunks and Doodles saw growth, while Bitcoin NFTs also reported a significant increase in volume. Despite challenges in profitability and market engagement, NFT projects on various chains, including Solana, Polygon, and BNB Chain, showed notable growth. These trends reflect renewed optimism in the broader crypto market and highlight the potential of NFTs as a growing sector within the industry.
Looking ahead to December 2024, Binance Research highlights upcoming events and token unlocks to keep users informed about developments in the blockchain space. The team is dedicated to providing objective and comprehensive analyses of the crypto space to empower the community with the latest knowledge and insights. By staying updated on key trends and events in the Web3 ecosystem, investors and enthusiasts can make informed decisions and navigate the dynamic crypto landscape with confidence.
