Cryptocurrency Market Research
In November 2024, the cryptocurrency market reached unprecedented heights, with the total market capitalization soaring to a record $3.47 trillion. The monthly market cap growth of cryptocurrencies in November was 39.9% (Figure 1).
This growth was driven by a significant rise in Bitcoin to over $100,000 and substantial institutional participation, evidenced by over $6.5 billion in spot ETF inflows over the month, marking seven consecutive weeks of inflows. The Federal Reserve cut interest rates to 4.5%-4.75% on November 7, boosting confidence in risk assets, while SEC Chairman Gary Gensler's resignation intensified speculation about potential regulatory reforms favorable to digital assets.
BTC and ETH spot ETFs led the way, breaking inflow records with cumulative net inflows exceeding $30 billion and $577 million, respectively.
Altcoins also saw a revival, with the altcoin season index climbing from 27 to 70, and a total market cap increase of $470 billion month-over-month. Monthly price performance of the top 10 tokens by market cap (Figure 2).
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