Binance Research November Market Review: Crypto Market Cap Hits Record High of $3.4 Trillion, Altcoins Rally Collectively
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Binance Research November Market Review: Crypto Market Cap Hits Record High of $3.4 Trillion, Altcoins Rally Collectively
In November 2024, the cryptocurrency market reached unprecedented heights, with the total market capitalization surging to a record $3.47 trillion.
Navigating Web3 tides with focused insightsAuthor: Binance Research
Translation: TechFlow
This report explores key developments in Web3 during November 2024, providing an overview of the ecosystem's current state. Before previewing major events to watch in December 2024, we analyze performance across cryptocurrency, DeFi, and NFT markets.
Cryptocurrency Market Performance – November 2024
In November 2024, the cryptocurrency market reached unprecedented heights, with total market capitalization surging to a record $3.47 trillion. This growth was driven by Bitcoin’s significant rally past $100,000 and substantial institutional participation, evidenced by over $6.5 billion in net inflows into spot ETFs for the month—marking seven consecutive weeks of positive flows. The Federal Reserve’s rate cut on November 7 to 4.5%-4.75% boosted investor confidence in risk assets, while SEC Chair Gary Gensler’s announcement of his resignation intensified speculation about potential regulatory reforms favorable to digital assets.
Spot BTC and ETH ETFs led the surge, breaking inflow records with cumulative net inflows exceeding $30 billion and $577 million, respectively. BlackRock’s iShares Bitcoin Trust and Grayscale’s Ether ETF emerged as market leaders, underscoring strong institutional interest in crypto assets.
Altcoins also experienced a revival, with CoinMarketCap’s Altcoin Season Index rising from 27 to 70 and total altcoin market cap increasing by $470 billion month-over-month. Solana surpassed Ethereum in daily fees, fueled by explosive DEX activity exceeding $120 billion, although controversies dampened memecoin trading momentum. Ethereum reclaimed dominance in stablecoin liquidity, overtaking Tron as the leading network for USDT, with supply growing 31.4% to $61.8 billion.
Crypto Market Cap Monthly Growth: +39.9% in November
Source: CoinGecko as of November 30, 2024
Monthly Price Performance of Top 10 Tokens by Market Cap
Source: CoinMarketCap as of November 30, 2024
In November 2024, XRP led the crypto market with an astonishing 362.3% gain, propelled by SEC Chair Gary Gensler’s resignation and growing optimism around Ripple’s regulatory outlook. Investor confidence was further strengthened by WisdomTree’s filing for an XRP exchange-traded product (ETP).
ADA followed closely, surging 216%, driven by the Glacier Airdrop distributing $NIGHT tokens to ADA holders and Cardano’s collaboration with BitcoinOS to leverage Bitcoin’s liquidity. Speculation surrounding Charles Hoskinson’s discussions with the Trump administration added momentum to ADA.
DOGE rose 160.4%, boosted by Elon Musk and Vivek Ramaswamy’s “Department of Government Efficiency” (DOGE) initiative, along with speculation about integration into social media platforms. SHIB also performed strongly, gaining 70.7%, supported by regulatory optimism and rising memecoin enthusiasm.
ETH climbed 45.1%, backed by institutional capital inflows, the Federal Reserve rate cut, and increased adoption of Layer-2 scaling solutions. Bitcoin gained 36.9%, driven by robust weekly ETF inflows averaging $180 million and post-U.S. election optimism regarding regulatory shifts. TON (+33.3%), TRX (+24.7%), and BNB (+10.8%) posted more moderate gains, benefiting from regulatory optimism and platform-specific developments. Notably, BNB’s growth was linked to the success of its BNB Greenfield program, attracting major projects like Limewire.
Decentralized Finance (DeFi)
In November 2024, DeFi’s Total Value Locked (TVL) surged 33.7%, reflecting sustained on-chain momentum and heightened expectations for regulatory clarity. Solana, Base, and Sui led the charge, posting TVL growth rates of up to 43.4%, 32.9%, and 54.0%, respectively. Solana’s TVL reached a record $8.8 billion, driven by inflows from both institutional and retail capital. Key contributors included liquid staking protocols such as Jito, Sanctum, and Binance Staked SOL (BNSOL), alongside liquidity providers Drift and Raydium, which supported the network’s expanding on-chain trading volume. The rise of real-world assets (RWA) further accelerated growth, with developer activity spiking 14,450% as Chainlink’s infrastructure connected blockchain networks with real-world data.
Base’s DeFi TVL climbed to $3.4 billion, a 33.4% increase, fueled by strong user engagement in lending markets. Uniswap’s TVL surged 55.4% due to seamless integration with Base and Arbitrum, reinforcing its dominance in liquidity provision. The network also set a record of over 9.2 million daily transactions, highlighting its scalability. Meanwhile, Sui’s TVL hit a new high of $160 million, driven by strong capital rotation within the Sui ecosystem. Standout protocols included Suilend, whose TVL grew 86.5%, and emerging projects like Navi Protocol, Cetus AMM, and Scallop Lend, signaling growing appeal in DeFi innovation.
TVL Share Across Top Blockchains
Source: DeFiLlama as of November 30, 2024
NFT
Monthly NFT Trading Volume
In November, total NFT sales volume surged 57.6%, with ETH-based NFTs surpassing $500 million in volume. However, the number of unique buyers and sellers declined by 24.7%, indicating consolidation through fewer but higher-value transactions. Market saturation persisted, with approximately 98% of NFT projects launched this year still unprofitable, highlighting ongoing challenges in profitability and sustained market engagement. Ethereum collections delivered mixed results: CryptoPunks led with a 141.4% growth rate, while Doodles rebounded impressively with a 584.0% increase. Innovative projects like Courtyard.io maintained steady activity, averaging 3,500 daily sales.
Bitcoin NFTs saw trading volume grow 220%, driven by enthusiasm for Ordinals and the BRC-20 protocol, with leading collections such as ArtBlock and NodeMonkes achieving notable gains. Other chains also reported strong growth, including Solana (+19.3%), Polygon (+28.6%), and BNB Chain (+48.1%). These trends reflect renewed optimism across the broader crypto market, despite persistent challenges in maintaining broad participation and profitability.
Upcoming Events and Token Unlocks
To help users stay informed on the latest Web3 developments, the Binance Research team has summarized key upcoming events and token unlocks over the next month. Stay tuned for pivotal advancements in the blockchain space.
Source: Itez, Binance Research
Largest Token Unlocks by USD Value
Source: CryptoRank, Binance Research
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