TL;DR
- Ethereum hit $7.13 billion in daily on-chain volume on Nov. 15, its yearly high.
- This rally reflects the impact of cryptocurrency ETFs and a more optimistic market.
- GlassNode reports 85% increase in volume since early November.
The Ethereum ecosystem experienced a notable revival in November, driven by a significant increase in its on-chain activity.
According to data from GlassNode, Ethereum recorded a daily volume of $7.13 billion on November 15, marking its highest point so far this year.
This milestone surpassed the previous record set in March, cementing Ethereum as a key player in the renewed interest in cryptocurrencies.
For much of 2024, Ethereum‘s on-chain volume followed broad crypto market trends, characterized by a conservative approach to risk and declines in activity.
However, November represented a significant change.
Analysts attribute this growth to factors such as the launch of Bitcoin and Ethereum ETFs, which attracted large capital flows into the market, and the indirect impact of the Bitcoin rally, which recently hit new all-time highs.
A promising resurgence for Ethereum
GlassNode highlighted that Ethereum’s on-chain volume grew by 85% in just two weeks, from $3.84 billion on November 1 to $7.13 billion on the 15th.
This rise reflects not only increased speculative interest, but also a recovery in decentralized transactions and activities within the network. Ethereum, by operating as a platform for advanced financial applications, especially benefits during times of high market liquidity.
Experts point out that the political and economic context has also played a key role. Events such as the re-election of Donald Trump and the growing optimism around cryptocurrencies as a safe haven have encouraged the entry of capital into the market.
This positions Ethereum as a focal point for traders and investors looking to take advantage of the opportunities of the decentralized ecosystem.
Going forward, Ethereum is expected to continue attracting volume to its network, especially as large-cap assets continue to gain traction on centralized exchanges.
This influx of liquidity into decentralized environments not only strengthens ETH, but underscores its relevance as a critical platform in the global crypto landscape.
