Here are the specific details from Binance Research's November 2024 market review:
Total Cryptocurrency Market Capitalization
In November, the cryptocurrency market reached unprecedented heights, with the total market capitalization soaring to a record US$3.47 trillion, a monthly growth of 39.9%. This growth was primarily driven by Bitcoin's significant rise to over US$100,000 and substantial institutional participation, with spot ETF funds flowing in for seven consecutive weeks, totaling over US$6.5 billion this month.
Altcoin Situation
CoinMarketCap's Altcoin Season Index rose from 27 to 70, with a total market capitalization increase of US$470 billion. Many altcoins performed exceptionally well, with XRP leading the market with a 362.3% surge, benefiting from SEC Chairman Gary Gensler's resignation and a more optimistic regulatory outlook for Ripple, further solidified by WisdomTree's submission of an XRP exchange-traded product (ETP); ADA followed closely with a 216% rise, supported by the $NIGHT tokens allocated to ADA holders through the Glacier Airdrop, as well as Cardano's collaboration with BitcoinOS to leverage Bitcoin's liquidity; DOGE increased by 160.4%, related to Elon Musk and Vivek Ramaswamy's 'Department of Government Efficiency' initiative, with speculation on social media platforms exacerbating this trend; SHIB also performed well, rising by 70.7%.
Other Market Situations
- Total Value Locked in DeFi: In November, the total value locked (TVL) in DeFi surged by 33.7%, with Solana, Base, and Sui leading the way, achieving TVL growth rates of 43.4%, 32.9%, and 54.0%, respectively.
- NFT Market: In November, total sales in the NFT market surged by 57.6%, with ETH NFTs surpassing US$0.5B. However, the number of independent buyers and sellers decreased by 24.7%, indicating that transactions are consolidating with fewer numbers but higher values.
