Last Friday, Nov. 15, Ethereum’s daily onchain volume soared to $7.13 billion, marking the highest single-day volume of the year.
This represents a 1% increase over the previous yearly high set in March, underscoring a resurgence in Ethereum’s network activity as the broader crypto market turns bullish.
Throughout 2024, Ethereum’s onchain trading volume mirrored that of the wider crypto market, with an overall consistent risk-off downtrend despite momentary spikes during the second and third quarters. However, November has been a turning point, driven by a combination of market-specific factors not limited to large inflows from Bitcoin and Ethereum’s ETFs and a Trump victory in the U.S. Presidential election.
Bitcoin’s rally to new all-time highs earlier this month has served as a key catalyst, pulling ether along in its wake and reigniting speculative and transactional activity across the network.
Over just two weeks, Ethereum’s onchain volume has surged by 85%, from $3.84 billion on Nov. 1 to $7.13 billion on Nov. 15.
Looking ahead, onchain activity on Ethereum seems poised for a period of reacceleration due to its position as a trading environment further down the risk curve that thrives as liquidity moves on-chain following rallies on large-cap assets on centralized exchanges.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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