Thanks to Binance Research, you can take advantage of industry-grade analyses of the processes shaping Web3. By sharing these insights, we hope to empower our community with the latest knowledge from the field of crypto research.
This blog explores key Web3 developments in November 2024 to provide an overview of the ecosystem’s current state. We analyze the performance of crypto, DeFi, and NFT markets before previewing major events to look out for in December 2024.
Crypto Market Performance in November 2024
In November 2024, the cryptocurrency market reached unprecedented heights, with total market capitalization surging to a record US$3.47 trillion. This growth was fueled by Bitcoin’s remarkable rally to over US$100,000 and significant institutional participation, evidenced by seven consecutive weeks of positive spot ETF inflows totaling over US$6.5 billion for the month. The Federal Reserve’s November 7 rate cut to 4.5%-4.75% bolstered confidence in risk-on assets, while the announcement of SEC Chair Gary Gensler’s resignation heightened speculation about potential regulatory reforms favorable to digital assets.
BTC and ETH spot ETFs led the charge, breaking inflow records and driving cumulative net inflows to over US$30 billion and US$577 million, respectively. BlackRock’s iShares Bitcoin Trust and Grayscale’s Ether ETF emerged as market leaders, underlining institutional appetite for crypto.
Altcoins also saw a resurgence, with CoinMarketCap’s Altcoin Season Index climbing from 27 to 70 and total market cap rising by US$470 billion month-over-month. Solana outpaced Ethereum in daily fees, driven by explosive DEX activity exceeding US$120 billion, though controversy marred the memecoin trading frenzy. Ethereum reclaimed dominance in stablecoin liquidity, surpassing Tron as the leading network for USDT with a 31.4% supply increase to US$61.8 billion.
Monthly crypto market capitalization increased by 39.9% in November
Source: CoinGeckoAs of November 30, 2024
Monthly price performance of the top 10 coins by market capitalization
Source: CoinMarketCapAs of November 30, 2024
In November 2024, XRP led the cryptocurrency market with a staggering 362.3% gain, fueled by the resignation of SEC Chair Gary Gensler and heightened optimism about Ripple’s regulatory prospects. The filing of an XRP exchange-traded product (ETP) by WisdomTree further solidified investor confidence.
ADA followed closely with a 216% surge, driven by the Glacier Airdrop’s $NIGHT token allocation 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 saw a 160.4% rise, catalyzed by Elon Musk and Vivek Ramaswamy’s “Department of Government Efficiency” (D.O.G.E.) initiative, with speculation about integration into social media platforms adding to the buzz. SHIB also performed well, climbing 70.7%, boosted by growing regulatory optimism and memecoin enthusiasm.
ETH gained 45.1%, supported by institutional inflows, the Federal Reserve’s rate cut, and increasing adoption of layer-2 solutions that improve scalability. Bitcoin rose 36.9%, driven by robust ETF inflows averaging US$1.8B weekly and optimism around regulatory changes following the U.S. presidential election.
TON (+33.3%), TRX (+24.7%), and BNB (+10.8%) achieved more modest gains but also benefited from regulatory optimism and platform-specific developments. Notably, BNB’s growth was linked to the success of its BNB Greenfield initiative, which attracted major projects like Limewire.
Decentralized Finance (DeFi)
In November 2024, DeFi Total Value Locked (TVL) surged by 33.7%, reflecting sustained on-chain momentum and heightened anticipation of regulatory clarity. Solana, Base, and Sui led the way with impressive TVL growth rates of 43.4%, 32.9%, and 54.0%, respectively. Solana reached a record-high US$8.8B in TVL, bolstered by institutional and retail capital inflows. Key contributors included liquid staking protocols like Jito, Sanctum, and Binance Staked Sol (BNSOL), alongside liquidity providers Drift and Raydium, which supported the network’s expanding on-chain volumes. The rise of real-world assets (RWA) further drove growth, with Chainlink seeing developer activity skyrocket by 14,450% as its infrastructure bridged blockchain networks with real-world data.
Base’s DeFi TVL climbed to US$3.4B, a 33.4% increase, fueled by robust user participation in lending and borrowing markets. Uniswap’s TVL soared by 55.4% due to its seamless integration with Base and Arbitrum, solidifying its dominance in liquidity provision. The network also set a record with over 9.2 million daily transactions, emphasizing its scalability. Meanwhile, Sui achieved a record US$1.6B in TVL, driven by strong capital rotation into Sui-based chains.
Standout protocols included Suilend, with an 86.5% TVL growth, and projects like Navi Protocol, Cetus AMM, and Scallop Lend, which demonstrated the network’s growing appeal in DeFi innovation.
TVL share of top blockchains
Source: DeFiLlamaAs of November 30, 2024
Non-Fungible Tokens (NFTs)
Monthly NFT trading volume
In November, the NFT market saw a 57.6% surge in total sales volume, surpassing US$0.5B for ETH NFTs. However, the number of unique buyers and sellers dropped by 24.7%, indicating consolidation among fewer, higher-value transactions. Oversaturation persisted, with some 98% of NFT projects launched this year being unprofitable, highlighting challenges in profitability and sustained market engagement. Ethereum collections saw mixed results, with CryptoPunks leading at 141.4% growth, while Doodles rebounded with an impressive 584.0% increase. Innovative projects like Courtyard.io continued steady activity, averaging 3,500 daily sales.
Bitcoin NFTs experienced a 220% jump in volume, driven by enthusiasm for Ordinals and the BRC-20 protocol, with leading collections such as ArtBlock and NodeMonkes posting significant gains. Other chains, including Solana (+19.3%), Polygon (+28.6%), and BNB Chain (+48.1%), also reported notable growth. These trends reflect renewed optimism in the broader crypto market, despite persistent challenges in sustaining broad engagement and profitability.
Upcoming Events and Token Unlocks
To help users stay updated on the latest Web3 news, the Binance Research team has summarized notable events and token unlocks for the month to come. Keep an eye on these upcoming developments in the blockchain space.
Notable Events in December 2024
Source: Itez, Binance Research
Largest token unlocks in US$ terms
Source: CryptoRank, Binance Research
Binance Research
The Binance Research team is committed to delivering objective, independent, and comprehensive analyses of the crypto space. We publish insightful takes on Web3 topics, including but not limited to the crypto ecosystem, blockchain applications, and the latest market developments.
This article is only a snapshot of the full report, which contains further analyses of the most important charts from the past month. The full report also dives into further details about the record inflow going into BTC and ETH ETFs, the return of the altcoin season, Solana’s soaring fees that surpassed Ethereum’s for 14 consecutive days, and Ethereum overtaking Tron as the leading network for USDT stablecoins.
Read the full version of this Binance Research report here.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 200 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means.
For more information, visit: https://www.binance.com
Source:
www.jbklutse.com
Source link
