This content explores the key advancements in Web3 for November 2024, outlining the current state of the ecosystem. Before previewing significant events to watch in December 2024, we analyzed the performance of the cryptocurrency, DeFi, and NFT markets.
Performance of the cryptocurrency market in November 2024
In November 2024, the cryptocurrency market reached unprecedented heights, with a total market capitalization soaring to a record $3.47 trillion. This growth was driven by a significant rise in Bitcoin to over $100,000 and substantial institutional participation, as evidenced by more than $6.5 billion in spot ETF inflows over a span of seven weeks this month. The Federal Reserve's rate cut to 4.5%-4.75% on November 7 boosted confidence in risk assets, while SEC Chairman Gary Gensler's announcement of resignation intensified speculation about potential regulatory reforms favorable to digital assets.
BTC and ETH spot ETFs led the charge, breaking inflow records with a cumulative net inflow of over $30 billion and $577 million, respectively. BlackRock's iShares Bitcoin Trust and Grayscale's Ether ETF emerged as market leaders, highlighting institutional interest in cryptocurrencies.
Altcoins also experienced a resurgence, with CoinMarketCap's Altcoin Season Index rising from 27 to 70, and total market capitalization increasing by $470 billion month-on-month. Driven by explosive DEX activity exceeding $120 billion, Solana’s daily fees surpassed those of Ethereum, despite controversies affecting memecoin trading frenzy. Ethereum reclaimed its dominance in stablecoin liquidity, overtaking Tron to become the leading network for USDT, with a supply increase of 31.4% to $61.8 billion.
November saw a 39.9% increase in the cryptocurrency monthly market capitalization
Source: CoinGecko as of November 30, 2024
Monthly price performance of the top 10 tokens by market capitalization
Source: CoinMarketCap as of November 30, 2024
In November 2024, following the resignation of SEC Chairman Gary Gensler and a more optimistic outlook on Ripple’s regulatory prospects, XRP led the cryptocurrency market with an astonishing increase of 362.3%. The XRP exchange-traded product (ETP) submitted by WisdomTree further solidified investor confidence.
ADA followed closely, soaring 216%, aided by the Glacier Airdrop that allocated $NIGHT tokens to ADA holders, as well as Cardano’s collaboration with BitcoinOS to utilize Bitcoin liquidity. Speculation around Charles Hoskinson’s discussions with the Trump administration further bolstered ADA's momentum.
Driven by Elon Musk and Vivek Ramaswamy's 'Department of Government Efficiency' (DOGE) initiative, DOGE increased by 160.4%, with speculation about integration into social media platforms fueling this trend. SHIB also performed well, rising 70.7% amid increasing regulatory optimism and memecoin enthusiasm.
With institutional capital inflows, the Federal Reserve's interest rate cuts, and increased adoption of Layer 2 solutions enhancing scalability, ETH rose by 45.1%. Bitcoin also saw a rise of 36.9%, propelled by strong ETF inflows averaging $180 million per week and optimism about regulatory changes following the U.S. presidential election. TON (+33.3%), TRX (+24.7%), and BNB (+10.8%) achieved more moderate gains but also benefited from regulatory optimism and developments on specific platforms. Notably, BNB's growth was associated with the success of its BNB Greenfield initiative, which attracted major projects like Limewire.
Decentralized Finance (DeFi)
In November 2024, the total locked value (TVL) in DeFi skyrocketed by 33.7%, reflecting sustained on-chain momentum and heightened expectations for regulatory clarity. Solana, Base, and Sui led with TVL growth rates of 43.4%, 32.9%, and 54.0%, respectively. With institutional and retail capital inflows driving growth, Solana's TVL reached an all-time high of $8.8 billion. Major contributors included liquidity staking protocols like Jito, Sanctum, and Binance Staked Sol (BNSOL), along with liquidity providers Drift and Raydium, which supported the network's expanding on-chain trading volume. The rise of real-world assets (RWA) further fueled growth, as Chainlink's infrastructure connected blockchain networks with real-world data, leading to a 14,450% surge in developer activity.
Due to strong user participation in the lending market, Base's DeFi TVL surged to $3.4 billion, an increase of 33.4%. Thanks to seamless integration with Base and Arbitrum, Uniswap's TVL skyrocketed by 55.4%, solidifying its dominant position in liquidity provision. The network also set records for over 9.2 million daily transactions, highlighting its scalability. Meanwhile, propelled by strong capital rotation in Sui’s ecosystem, Sui's TVL reached a record $160 million. Outstanding protocols include Suilend, which saw a TVL increase of 86.5%, as well as projects like Navi Protocol, Cetus AMM, and Scallop Lend, indicating the network's growing appeal in DeFi innovation.
Top blockchain's TVL share
Source: DeFiLlama as of November 30, 2024
NFT
Monthly NFT trading volume
In November, total sales in the NFT market surged by 57.6%, with ETH NFTs surpassing $0.5 billion. However, the number of independent buyers and sellers decreased by 24.7%, indicating that fewer, higher-value transactions are consolidating. The phenomenon of oversaturation persists, with about 98% of NFT projects launched this year still unprofitable, highlighting challenges in profitability and sustained market participation. The results of Ethereum series were mixed, with CryptoPunks leading with a growth rate of 141.4%, while Doodles rebounded impressively with a growth rate of 584.0%. Innovative projects like Courtyard.io continued to maintain stable activity, averaging daily sales of 3,500.
Fueled by enthusiasm for Ordinals and the BRC-20 protocol, Bitcoin NFT trading volume surged by 220%, with leading collections like ArtBlock and NodeMonkes experiencing significant growth. Other blockchains, including Solana (+19.3%), Polygon (+28.6%), and BNB Chain (+48.1%), also reported substantial increases. These trends reflect a renewed optimism in the broader cryptocurrency market, despite ongoing challenges in maintaining widespread participation and profitability.
Upcoming events and token unlocks
To help users stay updated on the latest Web3 news, the Binance Research team summarized significant events and token unlocks for the coming month. Stay tuned for upcoming developments in the blockchain space.
Source: Itez, Binance Research Institute
Largest token unlocks measured in USD
Source: CryptoRank, Binance Research Institute
