Ethereum, the second-largest cryptocurrency by market cap, witnessed a surge in on-chain activity during the month of November. The network’s monthly transaction volume exceeded $180 billion, marking its highest volume in nearly three years. This milestone underscores Ethereum’s pivotal role in the blockchain ecosystem and highlights its growing popularity among users.
According to data from IntoTheBlock, Ethereum’s on-chain volume in November reached a record high of $183.74 billion, surpassing the previous high set in March. This surge in volume indicates a strong demand for Ethereum transactions and reinforces the network’s position as a leading blockchain platform.
In addition to the increase in transaction volume, Ethereum also saw a significant rise in its NFT sales volume. Data from CryptoSlam shows that the platform’s NFT sales volume exceeded $253 million in the last 30 days, marking a 32% increase compared to previous months. Ethereum outperformed other blockchains in NFT sales, further solidifying its dominance in the digital art market.
The network’s Total Value Locked (TVL) has also experienced steady growth, reflecting renewed investor interest in decentralized finance (DeFi). According to DeFiLlama, Ethereum’s TVL has rebounded from mid-year lows, with billions of dollars locked across its various protocols. The current TVL stands at around $73.48 billion, signaling a positive trend for the network’s ecosystem.
From a price perspective, Ethereum has maintained a bullish trajectory, trading above its 50-day and 200-day moving averages. The Relative Strength Index (RSI) suggests that Ethereum is nearing overbought territory but still has room for further upside. Ethereum closed November at nearly $3,700, consolidating gains from previous months and maintaining upward momentum.
The network’s record-breaking on-chain volume, leadership in NFT sales, and growing TVL indicate a bright future for Ethereum. With its highest activity levels since 2021, Ethereum is well-positioned to continue its positive momentum into 2025. As the network approaches critical resistance levels, market participants remain optimistic about its ability to sustain its rally and capitalize on its increasing volume.