During the month of November, Ethereum experienced a significant increase in on-chain activity, with its monthly transaction volume surpassing the $180 billion mark.
This milestone represented the network’s highest monthly volume in almost three years, outperforming its recent performance and underscoring Ethereum’s crucial role in the blockchain ecosystem.
Breaking Records: Ethereum’s Soaring Volume
Analysis of data from IntoTheBlock revealed that Ethereum achieved its highest on-chain volume in 2024.
A detailed examination of the data showed that Ethereum’s November volume reached $183.74 billion, surpassing the previous record set in March of $183.94 billion.
Further investigation indicated a substantial increase in NFT volume over the past month.
Statistics from CryptoSlam indicated that Ethereum’s NFT sales volume exceeded $253 million in the last 30 days, marking a growth of over 32%. Ethereum’s dominance in NFT sales surpassed that of all other blockchains.
TVL Growth and Expansion of the Ecosystem
The Total Value Locked (TVL) in the Ethereum network has experienced a continuous rise, reflecting a resurgence in investor interest in decentralized finance (DeFi).
Analysis of the TVL chart from DeFiLlama illustrated Ethereum’s recovery from mid-year lows, with billions of dollars locked across various protocols.
Current figures indicate a TVL of approximately $73.48 billion, contributing to the overall TVL of around $135 billion. The increasing Ethereum volume and TVL are positive indicators for the network.
Evaluating Ethereum’s Price Momentum
From a price standpoint, Ethereum has maintained a bullish trajectory, consistently trading above its 50-day and 200-day moving averages according to the daily chart.
The Relative Strength Index (RSI) stands at 67.7, indicating that while the asset is approaching overbought territory, there is still potential for further gains.
November concluded with Ethereum’s price reaching close to $3,700, solidifying gains from previous months.
The Parabolic SAR positioned below the price action supports a bullish sentiment, indicating sustained upward momentum.
Approaching critical resistance levels, market participants exhibit optimism concerning Ethereum’s ability to maintain its rally and leverage the network’s expanding volume.
Ethereum’s unprecedented on-chain volume, NFT sales leadership, and TVL growth present a favorable outlook for the network.
Building on its highest activity levels since 2021, Ethereum is poised to capitalize on its current momentum as it progresses into 2025.