Welcome to our November 2024 Monthly Crypto Market Recap!
In the U.S., Donald Trump secured a historic comeback as U.S. president, signaling potential shifts in domestic and international policy. On the global stage, a U.S.-brokered ceasefire between Israel and Hizbollah offered a glimmer of hope for peace after a devastating year-long conflict in Lebanon. Meanwhile, the Federal Reserve, acknowledging strong U.S. economic growth and a resilient labor market, lowered interest rates by 0.25 percentage points to 4.5% – 4.75%, with plans for continued gradual reductions to sustain economic momentum. Lastly, Trump suggested 25% tariffs on Canada and Mexico. U.S. Q3 GDP met expectations at 2.8%, core PCE inflation revised to 2.1%, and jobless claims fell to 213,000.
On the other hand, the Eurozone faced a sharp downturn in business activity, with the services sector contracting and manufacturing plunging further into recession. The HCOB Composite Purchasing Managers’ Index (PMI) dropped to 48.1, well below the threshold for growth, signaling widespread economic contraction and intensifying concerns about the region’s economic resilience amid persistent headwinds.
In China, a massive 10 trillion yuan ($1.4 trillion) fiscal stimulus package was announced to tackle mounting local government debt and revitalize economic growth, with measures focused on restructuring hidden debts, increasing local government debt quotas, and boosting domestic demand.
In crypto, Bitcoin surged to a record high of $99.8K, fueled by President Trump’s pro-crypto policies, including plans for a strategic Bitcoin reserve, growing institutional adoption, and the approval of Bitcoin ETFs. However, the market has seen a correction as long-term holders took profits, and market sentiment shifted with increased hedging in the options market. Despite the pullback, Bitcoin gained 34% for the month and 120% year-to-date, underscoring robust institutional interest and a favorable regulatory outlook.
Join us as we delve into the crypto market of November and uncover the catalysts that fueled the month’s leading performers. Get ahead with our comprehensive monthly market recaps at TRHX Research and receive real-time updates from TRHX Pulse. Stay informed and ready to navigate the ever-evolving crypto landscape!
Stellar (XLM) ⏶420.59%
Stellar is a decentralized, open-source Layer-1 blockchain designed for developers to build applications, issue assets, deploy smart contracts, and integrate with traditional financial systems. It’s built to foster innovation by allowing projects on the network to interact with each other. One of its standout features is the Stellar Consensus Protocol (SCP), which enables consensus without needing a centralized system, ensuring secure and accurate financial transactions. This makes Stellar a versatile platform for creating interoperable financial solutions fueled by its native token, XLM.
On November 11, the price of XLM began gaining momentum during the DevCon and DuneCon events, where the Stellar team unveiled products like the Stellar Disbursement platform, which enables anyone to create a functional payment system. Shortly after, Stellar announced an upgrade of their testnet to Protocol 22, introducing enhanced features such as a streamlined initialization process for Stellar’s smart contracts, with a potential mainnet upgrade scheduled for December 5. Additionally, Stellar reported a 91% increase in active monthly developers and a 124% rise in monthly commits, reaching a total of 1.7 million commits—emphasizing the ecosystem’s growth. This development drives innovation, supports real-world use cases, and, coupled with the growing availability of on- and off-ramps, improves network accessibility, further boosting adoption and demand for the token.
In the long term, Stellar aims to expand its ecosystem by integrating smart contract capabilities, enhancing its payment network to incorporate decentralized finance (DeFi) solutions, and improving access to everyday financial services such as savings, lending, and credit. By bridging the gap for underserved populations, Stellar seeks to make financial services more accessible, affordable, and efficient, fostering the development of a more inclusive financial system.
Hedera (HBAR) ⏶206.69%
Hedera Hashgraph is a Layer-1 network designed to facilitate transactions and application deployment through a consortium of businesses overseeing the platform. This network employs unique design choices with restricted participation of approved nodes that enable rapid transaction finality and reduced potential for transaction state changes. Hedera Hashgraph employs a patented algorithm called Hashgraph, where nodes constantly communicate to process transactions efficiently whereby the speed of verifying transactions goes up as more transactions are added to the network. The network is governed by the Hedera Governing Council, featuring prominent companies such as IBM and Alphabet, to manage software, allocate funds, and ensure legal compliance. The HBAR token is integral in this ecosystem, enabling transactions for participants and applications within the Hedera network.
In November, Canary Capital’s filing of an HBAR ETF application acted as a major catalyst, promising broader market exposure and institutional adoption. Additional factors included Hedera’s quantum-resistant security upgrades and its role in groundbreaking initiatives, such as integrating blockchain for cross-border payments with the Monetary Authority of Singapore and exploring space-based applications through a partnership with SpaceX. These developments, coupled with the broader crypto market rally led by Bitcoin’s ascent, underscored HBAR’s renewed potential as a leading blockchain asset.the potential collaboration between Hedera and Ripple centered around the integration of HBAR and RLUSD, served as a key catalyst for increased interest in both tokens. The Federal Reserve’s FedNow system and Ripple’s innovative stablecoin RLUSD highlight their shared commitment to addressing inefficiencies in traditional financial systems. RLUSD’s promise of rapid, transparent, and low-cost transactions, combined with Hedera’s scalable blockchain infrastructure, signals a significant leap toward interoperability in digital payments. This anticipated partnership not only reinforces the utility of HBAR and XRP but also positions them as central players in the evolving landscape of blockchain-enabled payment solutions.
Cardano (ADA) ⏶196.64%
Cardano is a Proof-of-Stake Layer-1 blockchain. ADA is the network’s native token, primarily used for staking and facilitating transactions within the ecosystem. Additionally, ADA holders can participate in governance, voting on proposals that influence the platform’s future development.
Charles Hoskinson, the founder of Cardano, unveiled plans to integrate Bitcoin with Cardano’s DeFi ecosystem, proposing a hybrid application model designed to leverage Bitcoin’s security with Cardano’s advanced DeFi capabilities. This system would prioritize Bitcoin-exclusive transactions and utilize Cardano’s Babel fees mechanism, enabling seamless use of native tokens without currency conversion, thereby simplifying the user experience. Hoskinson highlighted Bitcoin’s Taproot upgrade as a pivotal step toward enhancing scalability and privacy, aligning with Cardano’s vision of interoperability and innovation. Collaboration with industry leaders like Ripple’s Brad Garlinghouse underscores the initiative’s focus on partnerships to create a user-centric, distraction-free ecosystem poised to revolutionize DeFi.
Cardano made a major breakthrough in November 2024 with the deployment of its first Zero Knowledge (ZK) smart contract, Halo2, on the mainnet. This milestone enhances Cardano’s scalability and security by enabling zkApps and partner chains supported by the Plutus v3 infrastructure. The Halo2 ZK Proof system, validated by Input Output Global, demonstrated efficient transaction mechanisms with low fees, solidifying its competitive edge in smart contract functionality. This innovation aligns with Cardano’s ongoing upgrades, such as the Hydra scalability initiative, showcasing its ambition to outperform rival networks and expand its ecosystem despite ADA trading below $1 amidst broader market turbulence.
Ripple (XRP) ⏶189.20%
The XRP Ledger is a decentralized, Layer-1 blockchain that is widely used by businesses for efficient tokenization and the exchange of both crypto-native and real-world assets. XRP, the native token, is used for transactions, preventing spam, and bridging currencies within the XRP Ledger’s decentralized exchange (DEX). XRP uses the Ripple Protocol Consensus Algorithm, where a group of trusted nodes must reach a supermajority agreement to validate transactions and maintain the integrity of the ledger.
The major catalyst for XRP this month has been the announcement of Gary Gensler stepping down as chairman of the U.S. Securities and Exchange Commission (SEC) in January, which has cleared the way for Ripple Labs on the regulatory front. Since 2020, Ripple has been under scrutiny by the SEC for allegedly selling XRP as an unregistered security to U.S. investors. With Gensler’s departure, there is widespread belief that the regulatory environment for U.S.-based crypto companies may become more favorable, fueling bullish sentiment around XRP.
In addition, there have been significant developments in the potential launch of an XRP exchange-traded fund (ETF) in the U.S. At the beginning of the month, 21Shares submitted an application for an XRP ETF, signaling growing institutional interest in the token. Shortly after, WisdomTree also filed a registration application in Delaware to launch its own XRP ETF, further adding to the momentum. These moves reflect the increasing belief that XRP could be included in mainstream financial products, potentially expanding its reach and attracting more investors to the asset.
Algorand (ALGO) ⏶156.61%
Algorand is an open-source, decentralized blockchain network designed to address the Blockchain Trilemma of balancing speed, security, and decentralization. It uses a unique two-tier structure with a Proof-of-Stake consensus mechanism, achieving over 1,000 transactions per second and finality in under five seconds. The ALGO token is the native cryptocurrency of the network, allowing holders to earn rewards through staking. Unlike traditional block production, Algorand’s system distributes rewards to all ALGO holders, promoting widespread network participation. Algorand’s efficiency and low transaction costs have attracted developers, particularly for decentralized applications (dApps) and DeFi use cases.
Algorand, as a prominent Layer-1 blockchain, has naturally benefited from the overall market surge following Donald Trump’s victory in the 2024 U.S. presidential election, experiencing a positive beta effect. However, its Total Value Locked (TVL) has also seen a notable increase, which contributed to its outperformance. Specifically, Algorand has reached approximately $140 million in TVL, the highest since mid-2023. This surge in activity has largely been driven by platforms like Folks Finance, Tinyman, and Lofty.
Additionally, a strategic partnership with Coinbase in September 2024 further boosted Algorand’s ecosystem statistics by offering users up to $20 in rewards for exploring dApps such as Pera Wallet, Tinyman, and Folks Finance. This collaboration led to a significant spike in user engagement, with over 124,000 new Algorand addresses created on September 20, and another 82,000 on September 26.
Lastly, the Algorand Foundation has partnered with the Taraba State Government in Nigeria to promote blockchain adoption and digital transformation aimed at boosting economic growth and youth empowerment. This collaboration, highlighted by a regional hackathon in Jalingo, focuses on equipping local web developers with blockchain skills, fostering innovation, and encouraging young talent to explore opportunities in the tech industry. The initiative is part of broader efforts to create a digitally skilled workforce and contribute to sustainable economic growth in the region.
The Sandbox (SAND) ⏶155.69%
Sandbox is a decentralized, community-owned metaverse project where creators can build and host custom games and events. LAND owners can host events, and stake the platform’s native token, SAND, to earn rewards, customize assets, monetize experiences, participate in governance, and play games, all while having control over their virtual assets in the form of NFTs.
In mid-November, the price of the SAND token surged following the launch of the Attack on Titan Avatar collection, which required users to purchase their avatars using the SAND token. Additionally, the renewed interest in metaverse-themed projects among traders, combined with Sandbox’s partnership with BBC Studios and Top Gear to introduce “The Stigverse,” acted as a catalyst for SAND’s value to increase by over 100% in the subsequent days. This rally was further supported by a noticeable rise in SAND token transaction counts during the same period, indicating heightened demand and interest from market participants.
Sandbox’s Alpha Season 4 and ongoing partnerships play a key role in its future by boosting user engagement, expanding content creation, and increasing the platform’s visibility. With new games, events, and partnerships, Sandbox attracts a broader audience and strengthens its position in the metaverse. These collaborations also create more opportunities for users to monetize assets and experiences, while the involvement of the community in governance fosters long-term growth. Together, these factors enhance the platform’s ecosystem and ensure its continued success in the metaverse space.
MantraDAO (OM) ⏶150.24%
MANTRA (OM) is a Layer-1 blockchain purpose-built for tokenizing real-world assets (RWAs). Its native token, OM, powers the ecosystem, enabling staking, governance, and utility on the MANTRA Chain. The chain prioritizes regulatory compliance and institutional-grade tools for the expanding RWA sector.
Its growth this month can be attributed to several key drivers. Firstly, the launch of the MANTRA Chain mainnet at the end of last month was the spark that started this growth, enabling staking rewards of up to 18.75% APR and facilitating the bridging of over 20 million OM to the network. Additionally, the GenDrop program successfully distributed 50 million OM to over 350,000 participants, with targeted allocations to NFT communities and early contributors, fueling user engagement and adoption. The introduction of MANTRA Swap, alongside its initial liquidity pools such as OM/USDC, has further enhanced network activity and strengthened the platform’s DeFi infrastructure.
Recent strategic partnerships, including collaborations with MAG to tokenize $500M in UAE real estate and Pyse to fund electric motorcycles, underscore MANTRA’s focus on high-value RWA use cases. Upcoming liquidity expansions on MANTRA Swap and extended KARMA incentives are expected to sustain user engagement and ecosystem growth. With the RWA market projected to scale significantly, MANTRA is positioned to capitalize on this momentum.
Dogecoin (DOGE) ⏶148.81%
Dogecoin (DOGE) was created in December 2013 by software engineers Billy Markus and Jackson Palmer as a lighthearted alternative to Bitcoin. Inspired by the viral “Doge” meme featuring a Shiba Inu dog, Dogecoin was initially launched as a joke but quickly gained popularity, especially on social media platforms like Reddit.
DOGE saw a notable surge in value, fueled by significant political developments. The re-election of Donald Trump as President of the United States and his appointment of Elon Musk to lead the newly formed Department of Government Efficiency (DOGE) heightened market enthusiasm for cryptocurrency. Elon Musk, a long-standing advocate for Dogecoin, played a central role in driving investor optimism, as his association with a government entity sharing the cryptocurrency’s acronym spurred both interest and speculative momentum. Musk’s alignment of influential endorsements and symbolic connections solidified Dogecoin’s position as a market favorite.
The Dogecoin Foundation‘s announcement of seeking sponsorships for its 2025 decentralized initiatives emerged as another catalyst for renewed interest in DOGE. Central to this initiative is the Dogebox, a decentralized payment infrastructure aimed at empowering small and medium-sized businesses to accept Dogecoin directly. By integrating DOGE into existing payment systems and incentivizing node operators, the foundation envisions onboarding one million grassroots retailers, positioning Dogecoin as a global medium of exchange.
Cronos (CRO) ⏶147.43%
Crypto.com (CRO) is a cryptocurrency platform offering a diverse suite of financial services, including payments, trading, and DeFi solutions. Built on the Cronos blockchain, CRO serves as the native token, driving utility across its ecosystem, which now integrates traditional financial products alongside crypto offerings.
Crypto.com achieved notable growth this month through strategic acquisitions and expanded services. The acquisition of Fintek Securities in Australia and Charterprime Ltd. in Mauritius allows Crypto.com to offer equities, derivatives, and forex trading, complementing its cryptocurrency services. Additionally, Google Cloud became a key validator for the Cronos blockchain, enhancing network security, decentralization, and developer resources. These developments, coupled with the increasing retail interest in crypto during the broader market recovery, have positioned Crypto.com for sustained growth.
Crypto.com’s recent acquisition of SEC-regulated Watchdog Capital and its ongoing integration of traditional finance and crypto services signal its ambitions to become an all-in-one financial platform. The Cronos blockchain continues to attract institutional players, such as Ubisoft and Blockdaemon, as validators, further strengthening its ecosystem. Looking ahead, the rollout of expanded financial products and retail adoption during a potential bull market could serve as significant catalysts for CRO’s growth.
Pepe (PEPE) ⏶117.34%
PEPE, the memecoin inspired by Pepe the Frog, the significant price increase is largely attributed to the growing interest in memecoins, a rewarding staking system, and a unique burning mechanism.
PEPE experienced a meteoric rise, with its value surging 94% in a week, further propelled by a high-profile listing on Coinbase. This development allowed users to trade, store, and convert PEPE on one of the largest U.S.-based crypto platforms, driving a 16% price increase within a day of the announcement. The Coinbase listing followed PEPE’s inclusion on Robinhood earlier in the month, marking a significant milestone for the meme coin. These listings, coupled with the broader market rally and increased accessibility, solidified PEPE’s position as a standout performer in the crypto space.
PEPE surged nearly 90%, catalyzed by its listing on Robinhood Markets, which expanded its crypto offerings to U.S. traders. This move significantly enhanced PEPE’s accessibility and visibility, broadening its investor base amid a market rally fueled by Bitcoin’s historic ascent past $93,000. Robinhood’s strategic addition coincided with heightened market optimism following Donald Trump’s re-election and promises of crypto-friendly policies, which positioned Pepe as a key beneficiary in the meme coin space during a period of renewed market excitement.
Closing Remarks
November has been a favorable month for the crypto market, fueled by significant macroeconomic events, including the ongoing U.S. election drama. With Trump’s return to office, the crypto industry is likely to gain more and more mainstream attention, solidifying its position in the financial landscape.
Bitcoin, now closer than ever to the $100K mark, remains on track for a potential breakthrough, adding to the market’s optimism. The altcoin markets are also likely to follow suit, bringing us closer to the “alt season” that we have historically seen.
This bullish sentiment has also extended the Treehouse Protocol, which has seen impressive growth, with its Total Value Locked (TVL) surpassing $250M. The protocol continues to expand its reach, with well-known entities joining as panelists to DOR, further establishing its presence in the industry.
As we approach the end of the year, we are closely monitoring these developments and hopeful for what the market may lead us going forward. Stay informed by following our in-depth analyses of the crypto landscape through TRHX Research and the TRHX Pulse Newsletter, where we will provide the latest updates.
Disclaimer
This publication is provided for informational and entertainment purposes only. Nothing contained in this publication constitutes financial advice, trading advice, or any other advice, nor does it constitute an offer to buy or sell securities or any other assets or participate in any particular trading strategy. This publication does not take into account your personal investment objectives, financial situation, or needs. TRHX does not warrant that the information provided in this publication is up-to-date or accurate.
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