- Ethereum’s onchain trade volume was consistent with the whole cryptocurrency market during 2024.
The Ethereum daily onchain volume reached $7.13 billion last Friday, November 15, the largest single-day volume of the year.
This indicates a rebound in Ethereum’s network activity as the larger cryptocurrency market becomes more optimistic, as it is 1% higher than the previous annual high reached in March.
Despite brief upswings in the second and third quarters, Ethereum’s onchain trading volume during 2024 followed the general trend of the cryptocurrency market, which was characterized by a risk-off downturn. But thanks to a number of market-specific variables, including but not limited to significant inflows from Ethereum and Bitcoin ETFs and Trump’s triumph in the U.S. presidential election, November has been a watershed month.
A major driver that pulled Ether along with it and rekindled speculative and transactional activity throughout the network was Bitcoin’s surge to new all-time highs earlier this month.
Ethereum’s onchain volume increased by 85% in just two weeks, from $3.84 billion on November 1 to $7.13 billion on November 15.
Given its status as a trading environment farther down the risk curve that flourishes as liquidity goes on-chain after rallies on large-cap assets on controlled exchanges, onchain activity on Ethereum is primed for a period of reacceleration in the near future.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
