Author: Binance Research
Compiled by: TechFlow
This content explores key Web3 developments in November 2024 to provide an overview of the current state of the ecosystem. We analyze the performance of the cryptocurrency, DeFi, and NFT markets before previewing major events to watch for in December 2024.
Cryptocurrency market performance in November 2024
In November 2024, the cryptocurrency market reached unprecedented heights, with total market capitalization soaring to a record high of $3.47 trillion. This growth was driven by Bitcoin's remarkable rise to over $100,000 and significant institutional participation, as evidenced by seven consecutive weeks of spot ETF inflows totaling over $6.5 billion this month. The Federal Reserve's November 7 interest rate cut to 4.5%-4.75% boosted sentiment towards risky assets, while SEC Chairman Gary Gensler's announcement of his resignation fueled speculation about regulatory changes that could benefit digital assets.
BTC and ETH spot ETFs led the gains, breaking inflow records with cumulative net inflows exceeding $30 billion and $577 million, respectively. BlackRock's iShares Bitcoin Trust and Grayscale's Ether ETF became market leaders, highlighting institutional interest in cryptocurrencies.
Altcoins also saw a recovery, with CoinMarketCap’s Altcoin Seasonal Index climbing from 27 to 70, and total market cap up $470 billion month-over-month. Solana surpassed Ethereum in daily fees, driven by explosive DEX activity exceeding $120 billion, even as controversy hurt the memecoin’s trading boom. Ethereum reclaimed dominance in stablecoin liquidity, surpassing Tron to become the leading network for USDT, with supply growing 31.4% to $61.8 billion.
Cryptocurrency market value grew 39.9% in November
Source: Coingecko as of November 30, 2024
Monthly price performance of the top 10 coins by market cap
Source: CoinMarketCap as of November 30, 2024
In November 2024, XRP led the cryptocurrency market with a staggering 362.3% gain, driven by the resignation of SEC Chairman Gary Gensler and greater optimism about Ripple's regulatory prospects. WisdomTree's filing of an XRP exchange-traded product (ETP) further strengthened investor confidence.
ADA followed closely behind, surging 216%, helped by the Glacier Airdrop distributing $NIGHT tokens to ADA holders, and Cardano’s partnership with BitcoinOS to tap into Bitcoin’s liquidity. Speculations about Charles Hoskinson’s discussions with the Trump administration added to ADA’s momentum.
DOGE gained 160.4%, boosted by Elon Musk and Vivek Ramaswamy’s “Department of Government Efficiency” (DOGE) initiative, fueled by speculation about integration into social media platforms. SHIB also outperformed, gaining 70.7%, driven by regulatory optimism and growing memecoin enthusiasm.
ETH gained 45.1%, supported by institutional inflows, Fed rate cuts, and increased adoption of Layer 2 solutions that improve scalability. Bitcoin gained 36.9%, driven 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 modest gains, but also benefited from regulatory optimism and development of specific platforms. Notably, BNB's growth is correlated to the success of its BNB Greenfield program, which attracted large projects such as Limewire.
Decentralized Finance (DeFi)
DeFi total locked value (TVL) surged 33.7% in November 2024, reflecting continued on-chain momentum and higher expectations for regulatory clarity. Solana, Base, and Sui led the way, with TVL growth rates of 43.4%, 32.9%, and 54.0%, respectively. Solana's TVL reached an all-time high of US$8.8B, driven by institutional and retail capital inflows. Major contributors included liquidity staking protocols such as Jito, Sanctum, and Binance Staked Sol (BNSOL), as well as liquidity providers Drift and Raydium, which supported the network's expanding on-chain transaction volume. The rise of real-world assets (RWAs) further drove growth, with developer activity soaring 14,450% as Chainlink's infrastructure connects blockchain networks with real-world data.
Base’s DeFi TVL climbed to US$3.4B, up 33.4%, driven by strong user participation in the lending market. Uniswap’s TVL soared 55.4%, solidifying its dominance in liquidity provision, thanks to seamless integration with Base and Arbitrum. The network also set a record of more than 9.2 million daily transactions, highlighting its scalability. Meanwhile, Sui’s TVL reached a record $160 million, driven by strong capital rotation on the Sui chain. Standout protocols included Suilend, with an 86.5% increase in TVL, as well as projects such as Navi Protocol, Cetus AMM, and Scallop Lend, demonstrating the network’s growing appeal in DeFi innovation.
TVL share of top blockchains
Source: DeFiLlama as of November 30, 2024
NFT
Monthly NFT trading volume
Total NFT market sales surged 57.6% in November, with ETH NFTs topping US$0.5B. However, the number of unique buyers and sellers fell 24.7%, indicating consolidation of smaller, higher-value transactions. Oversaturation persists, with approximately 98% of NFT projects launched this year not yet profitable, highlighting challenges around profitability and sustained market engagement. Results were mixed for the Ethereum series, with CryptoPunks leading the way with a 141.4% growth rate and Doodles rebounding with an impressive 584.0% growth rate. Innovative projects such as Courtyard.io continue to maintain steady activity, with an average of 3,500 daily sales.
Driven by enthusiasm for Ordinals and the BRC-20 protocol, Bitcoin NFT trading volume increased by 220%, with leading collections such as ArtBlock and NodeMonkes achieving significant growth. Other chains, including Solana (+19.3%), Polygon (+28.6%), and BNB Chain (+48.1%) also reported significant growth. These trends reflect 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 up to date with the latest Web3 news, the Binance Research team has summarized the major events and token unlocks for the coming month. Keep an eye on upcoming developments in the blockchain space.
Source: Itez, Binance Research
Maximum token unlock in USD
Source: CryptoRank, Binance Research
