Public Account: Chen Talks KOL
In November 2024, the blockchain industry finally welcomed a 'bull market' trend, with Bitcoin continuously setting new price highs, breaking the important $100,000 mark, while its market capitalization surpassed that of major traditional assets like silver. Meanwhile, Ethereum also achieved a strong recovery, and altcoins saw a significant rebound. While Bitcoin Layer 2 maintained strong growth, Ethereum Layer 2's growth was relatively moderate amid increasing competition.
Market Overview
The cryptocurrency market made history, with Bitcoin increasing dramatically from $69,386 to $104,000, a rise of 45.0%. Ethereum followed closely with a 47.8% increase, rising from $2,511 to $4,001. Bitcoin's outstanding performance allowed its market capitalization to surpass that of silver and Saudi Aramco.
The results of the U.S. elections became a catalyst for growth in the cryptocurrency market, potentially impacting comprehensive cryptocurrency legislation and regulatory oversight. The market reacted positively, especially reflected in the performance of popular sectors such as memecoins, decentralized AI (deAI) projects, and decentralized science (DeSci).
The broader financial market also performed strongly. The financial sector led the stock market under expectations of U.S. tax reform and deregulation. However, the international market experienced some volatility, with the Renminbi under pressure from concerns about potential increased tariffs in the U.S., while gold prices fell as election-related uncertainties diminished.
Layer 1
In November 2024, the total market capitalization of blockchain surged by 41.1% to $2.8 trillion. Although Bitcoin maintained a dominant share of 68.1%, it decreased from 70.1% in October, as altcoins also performed strongly this month. Ethereum reversed its downward trend, reaching a market share of 15.9% (an absolute increase of 0.6%), while Solana surpassed BNB Chain with a share of 4.0%.
Against the backdrop of Bitcoin continuously setting price records, altcoins have shown outstanding performance. Stellar (XLM) led with a 466.8% increase, followed by Hedera (HBAR) with a 269.7% rise, Cardano (ADA) with a 201.5% increase, and Polkadot (DOT) with a 130.7% climb. Notably, Stellar's surge significantly reflects the market's growing attention to its cross-border remittance infrastructure and CBDC capabilities, likely influenced by expectations for clearer regulatory frameworks following the U.S. elections.
The TVL in the DeFi sector grew by 43.0% in November, reaching $90.8 billion. Ethereum led the growth with a 61.6% increase, while Tron and Solana ranked second and third, respectively. Although most of the top 15 chains ranked by TVL experienced growth, Polygon saw a decline of 5.9%, as funds flowed out of Polymarket after the U.S. presidential election. TON continued its downward trend since October due to weakening momentum in Telegram games and meme activities.
These U.S. capital coins are associated with traditional asset management firms like BlackRock and are expected to rise first.
Ethena (\u003cc-21/\u003e)
Ethena (ENA) is a rising star in the decentralized finance (DeFi) space, utilizing blockchain technology to provide innovative financial solutions. The platform aims to enhance the functionality and scalability of financial transactions without relying on traditional banking systems. One of Ethena's core products is USDe, a synthetic dollar that provides stability to the digital finance ecosystem and facilitates integration.
With the continued development of the DeFi space, Ethena's commitment to transparency, security, and user-centered innovation may play a crucial role in shaping its trajectory. Although it remains to be seen whether it can secure a place in the rapidly growing digital finance sector, its potential in redefining the DeFi ecosystem regarding stablecoins and synthetic assets is undeniable. The ongoing development, adoption, and integration of Ethena and USDe may bring a new standard of stability and functionality to the cryptocurrency market.
The Trump family cryptocurrency project World Liberty Financial (WLFI) today purchased 509,954 ENA.
Curve (\u003cc-62/\u003e)
As a veteran leader in DeFi, CRV's recent rise is also related to its collaboration with BlackRock. Curve is an important partner for BlackRock's entry into DeFi.
On November 30, Curve announced that it has partnered with the blockchain network Elixir to expand access to BlackRock's tokenized money market fund BUIDL to DeFi. Users will soon be able to utilize BlackRock's BUIDL to mint Elixir's yield-bearing stablecoin deUSD.
In addition to its collaboration with BlackRock, market demand for Curve surged after the market turned bullish. Curve also indicated that within two weeks of Trump's election, its revenue has doubled from an average of $268,000 to $581,000.
Recently, CurveDAO also launched the interest-bearing stablecoin Savings crvUSD (scrvUSD) to expand new use cases.
Avalanche (\u003cc-69/\u003e)
Avalanche token Avax is also among the well-performing tokens in the recently started altcoin season, being one of the established public chains with good growth.
From the news perspective, the recent increase in Avax besides the 'hype' from Ava Labs' founder hinting at dialogue with the new U.S. government for cooperation may also relate to Avalanche's positioning and growth in RWA.
Avalanche's development of RWA has a significant advantage as it allows developers or enterprises to create their own independent subnets. Some RWA projects can therefore create exclusive subnets based on the legal requirements of different countries or regions, flexibly meeting collaboration needs.
JPMorgan closely collaborates with Avalanche, leveraging its digital asset platform Onyx to build tokenized funds using Avalanche.
In addition, other asset management giants, banks, payment giants, government agencies, and stablecoin leaders have adopted Avalanche.
In November, BlackRock announced that Avalanche is one of the several public chains it is expanding into. Tether announced the launch of its asset tokenization platform Hadron, which also includes Avalanche among its first hosted public chains.
