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In November 2024, the cryptocurrency market experienced a 39.9% surge in total market cap reaching USD $3 trillion for the first time since November 2021. This milestone was primarily driven by significant optimism following the US Election, which sparked renewed interest from institutional investors and resulted in substantial inflows into crypto ETFs.
Spot ETF inflows for both Bitcoin and Ether ETFs broke new records in November. The U.S. spot Bitcoin ETFs saw over US$6.5B of net inflows across the month, including their largest ever week (November 18-22 with US$3.3B of net inflows). The spot Ether ETFs saw US$1.1B of net inflows during November, recording their highest daily net inflow of ~US$330M on November 29. Overall, the Bitcoin ETFs have recorded US$30B+ of net inflows since the January launch, while the Ether ETFs have seen US$577M of net inflows since their launch in July. BlackRock’s iShares Bitcoin Trust (“IBIT”) is the leader with cumulative inflows of US$31B+, and US$42B of assets, representing ~40% of the total market.. On the Ether side, Grayscale runs the leading ETF, with US$5B+ in assets.
Altcoins gained momentum in November, with CoinMarketCap's Altcoin Season Index rising from 27 to 70 and the total market cap increasing from US$1T to US$1.47T month-on-month. However, the index has not yet reached CoinMarketCap’s threshold for an official altcoin season, making the upcoming weeks crucial for determining the trend's sustainability.
Since November 15, Solana's daily fees have surpassed Ethereum's, peaking at US$14M on November 21, driven by soaring DEX volumes which exceeded US$120B in November. Amid the memecoin trading frenzy that contributed to this activity, the pump.fun platform suspended its livestreaming feature after backlash over inappropriate content. Blockchain's permissionless markets empower resource allocation, and responsible use of this power will shape the industry's future growth.
For the first time since June 2022, Ethereum has surpassed Tron as the leading network for USDT stablecoins. In November, Ethereum’s USDT supply surged by 31.4% to US$61.8B, while Tron experienced a 3.4% decline during the same period. With on-chain activity rising in bullish market conditions, Ethereum’s dominance in DeFi and strong appeal to institutional users have enabled it to capture an increasing share of stablecoin liquidity.
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