- Ethereum saw positive on-chain activity in November.
- ETH also ended the month positively.
Ethereum’s on-chain activity soared to remarkable levels in November, with its monthly transaction volume hitting over $180 billion.
This milestone also marked the network’s most significant monthly volume in nearly three years, surpassing recent months’ performance and highlighting Ethereum’s pivotal role in the blockchain ecosystem.
Ethereum volume reaches a new high
According to analysis of data from IntoTheBlock, Ethereum has hit its highest on-chain volume in 2024.
A look at the chart showed that its volume in November was $183.74 billion, surpassing the record volume of $183.94 billion set in March.
Source: IntoTheBlock
Further analysis showed that its NFT volume also saw a significant increase in the last 30 days.
Data from CryptoSlam shows that the platform’s NFT sales volume exceeded $253 million in the last 30 days, indicating an over 32% increase. With this figure, Ethereum outperformed all other blockchains in NFT sales.
TVL and ecosystem growth
The network’s Total Value Locked (TVL) has also seen a steady climb, reflecting renewed investor interest in decentralized finance (DeFi).
Source: DefiLlama
According to the analysis of the TVL chart from DeFiLlama, Ethereum’s TVL has rebounded from mid-year lows, with billions of dollars locked across its diverse range of protocols.
As of this writing, the TVL is around $73.48 billion, while the overall TVL is around $135 billion. The trend of the Ethereum volume and TVL is a positive signal for the network.
Analyzing Ethereum’s price momentum
From a price perspective, Ethereum has maintained a bullish trajectory. The daily chart indicates that ETH/USD has consistently traded above its 50-day and 200-day moving averages, signaling a strong uptrend.
The Relative Strength Index (RSI) was hovering at 67.7, suggesting the asset is nearing overbought territory but still has room for further upside.
Source: TradingView
Ethereum’s price closed in November at nearly $3,700, solidifying gains from previous months.
Parabolic SAR points below the price action further reinforce the bullish sentiment, suggesting that upward momentum is intact.
As Ethereum approaches critical resistance levels, market participants remain optimistic about its ability to sustain its rally and capitalize on the network’s growing volume.
Realistic or not, here’s ETH market cap in BTC’s terms
Ethereum’s record-breaking on-chain volume, coupled with its leadership in NFT sales and TVL, paints a positive picture for the network.
With the network achieving its highest activity levels since 2021, Ethereum is well-positioned to build on its momentum heading into 2025.
