November 2024 Blockchain Industry Report: Crypto market fully pumps, Bitcoin hits all-time high

Market Overview

In November 2024, the crypto market experienced a historic breakthrough. Bitcoin's price soared from $69,386 to $96,427, a rise of 39.0%. Ethereum followed closely, climbing from $2,511 to $3,711, an increase of 47.8%. Bitcoin's outstanding performance elevated its market value above silver and Saudi Aramco, firmly maintaining its position as the seventh largest global asset after approaching the $100,000 mark on November 23.

The results of the US election have become a catalyst for growth in the crypto market, potentially affecting future cryptocurrency legislation and regulation. The market has reacted positively to this, particularly reflected in the performance of popular sectors such as memecoins, decentralized artificial intelligence (deAI) projects, and decentralized science (DeSci).

The broader financial markets also performed strongly. The financial sector led the stock market under expectations of U.S. tax reform and deregulation. However, international markets experienced some volatility, with the renminbi under pressure amid concerns over potential increased tariffs in the U.S., while gold prices fell as election-related uncertainties eased.

Layer 1

In November 2024, the total market value of Blockchain surged by 41.1% to $2.8 trillion. Bitcoin maintained its dominant position with a 68.1% share, but this was down from 70.1% in October, as altcoins also performed strongly this month. Ethereum reversed its downward trend, reaching a market share of 15.9%, while Solana surpassed the BNB chain with a share of 4.0%.

Against the backdrop of Bitcoin continuously setting price records, altcoins have shown outstanding performance. Stellar (XLM) leads with a rise of 466.8%, followed by Hedera (HBAR) with an increase of 269.7%, Cardano (ADA) rising by 201.5%, and Polkadot (DOT) up by 130.7%. The surge of Stellar reflects the growing market attention to its cross-border payment infrastructure and CBDC capabilities, which may be influenced by expectations of a clearer regulatory framework following the U.S. elections.

The TVL in the DeFi space grew by 43.0% to $90.8 billion in November. Ethereum led the growth with an increase of 61.6%, while Tron and Solana ranked second and third, respectively. Although most of the top 15 chains ranked by TVL saw growth, Polygon decreased by 5.9% due to capital outflows from a prediction market platform after the U.S. presidential election concluded. The downward trend of TON since October continues, attributed to a slowdown in the momentum of a certain instant messaging app game and Meme activities.

The Move technology stack blockchain maintains a strong development momentum. Sui has reached new highs in token price and market capitalization, while establishing strategic partnerships with well-known financial institutions. Aptos is driving on-chain activity growth through its Meme launch platform. Meanwhile, Movement is about to launch its mainnet, with impressive testnet data: over 6.6 million accounts and 153 million transactions already.

Stablecoins remain one of the central segments on the stage. USDS, as the first major DeFi native stablecoin, has launched on Solana, and reports indicate that a certain payment company is about to receive approval from the New York Department of Financial Services (NYDFS) for its stablecoin. As the influence of stablecoins continues to grow, the industry is paying attention to whether some companies will issue their own Blockchain. The CEO of a stablecoin issuing company stated that his company will remain neutral rather than launching its own Blockchain, responding to industry concerns.

Bitcoin Layer 2 and Sidechains

In November 2024, Bitcoin Layer 2 and sidechains achieved significant growth, with a total TVL reaching 2.4 billion dollars, an increase of 34.6% compared to October. Competition for Bitcoin liquidity among major platforms has intensified.

Core has strengthened its market leadership, with a TVL increase of 55.7% to $890 million, expanding its market share to 37.4%. This growth is attributed to the Fusion upgrade in November, which introduced dual staking and liquidity Bitcoin staking (LstBTC), allowing users to achieve higher yields while maintaining the liquidity of Core's BTCfi platform.

Bitlayer holds the second position with a TVL of $580 million, but its market share has dropped to 24.4%. BSquared continues to grow, with a monthly increase of 53.1% to a TVL of $260 million, rising to third place, while Rootstock holds fourth place with a TVL of $240 million.

At the BTCfi project level, Pell Network has become the leader with a TVL of $400 million, followed by Avalon Finance (Bitlayer and Core) and DeSyn (Bitlayer) with strong performances across multiple chains, each having over $200 million in TVL.

Ethereum Layer 2

In November 2024, the total TVL of Ethereum Layer 2 solutions (standard bridging part) reached 27.5 billion USD, a 2.0% increase from October, continuing to lag behind the growth rate of Bitcoin scaling solutions.

A well-known Layer 2 platform maintains its leadership position with a TVL of $11.3 billion and a market share of 41.0%, while Base surpasses Optimism to take second place with a TVL of $5.1 billion and a share of 18.6%. This is attributed to the surge in activity brought by the social meme deployment platform Clanker based on Farcaster and the AI agent creation and deployment platform Virtuals Protocol. Meanwhile, Optimism's market share has dropped to 17.3%.

Starknet's TVL rose by 5.1%, surpassing Blast to rank fourth, while Blast continued to decline, dropping by 14.5%. The growth of Starknet is attributed to the STRK staking launched on November 26 and the CEO's commitment to significantly improve performance in the next quarter. Meanwhile, World Chain performed excellently, with a TVL increase of 131.4% to $570 million.

In November, the Ethereum Foundation strengthened financial transparency by releasing the 2024 report, while outlining core values and funding strategies. Vitalik Buterin emphasized the future development of Ethereum, including the implementation of DAS to enhance Layer 2 scalability, and infrastructure improvements to support diversified applications ranging from ENS to consumer payments.

Blockchain Game Public Chain

In November, the number of active blockchain games increased by 4.6% to 1,696, with BNB Chain, Polygon, and Ethereum maintaining market leadership in game distribution, with shares of 20.9%, 15.4%, and 13.4%, respectively.

User engagement patterns have seen new changes, with opBNB, Ronin, and Nebula (SKALE) leading with an average daily active user (DAU) count of 1.8 million, 900,000, and 400,000 respectively. OpBNB's DAU increased by 46.1%, thanks to the promotion of SERAPH: In The Darkness and MEET48, as well as some games migrating from the BNB chain to opBNB. Meanwhile, Ronin has shown a strong recovery, driven by the launch of the new game Fableborne and the resurgence of Lumiterra.

The games based on a certain instant messaging platform have shown mixed results. Although the TON ecosystem is facing challenges, with DAU down 41.9% to 116,400, Sui has bucked the trend with a DAU increase of 23.1% to 233,300, mainly thanks to the success of BIRDS and significant user retention metrics.

Financing Situation

In November 2024, the blockchain sector recorded 12 financing events, with a total amount of $79.8 million, a decrease of 23.3% compared to October, marking the lowest monthly figure since August. Among these, five events did not disclose specific financing amounts.

Zero Gravity Labs (0G Labs) has become the largest recipient of funding this month, announcing a $40 million seed round financing and a $250 million token purchase commitment. The company has shifted its positioning from initially being a modular Blockchain provider to being an encryption AI startup, developing a decentralized AI operating system (dAIOS) for building AI applications on-chain.

Several Layer 1 blockchains secured funding this month, including Cytonic, Pharos, Talus Network, EtraPay, and Datalayer. Notably, AvaCloud, a managed blockchain service provider built by Ava Labs, acquired EtraPay, gaining a team of renowned privacy technology experts and an innovative encryption token standard Encrypted ERC (eERC).

The Layer 2 ecosystem continues to maintain investment activity, with six projects receiving a new round of financing, including Bitcoin Layer 2's Bitfinity and Lnfi Network, Ethereum Layer 2's Heurist and Corn, as well as other Layer 2 projects Akave and AgentLayer.