Ethereum's Growth Surge in November 2024: Key Insights

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Summary: November 2024 showcased remarkably positive signs for Ethereum (ETH), from a record-high percentage of profitable holders and an explosion in Layer-2 TVL to a market capitalization shift from Bitcoin to altcoins. However, is this a short-term price surge or the beginning of a more robust growth trend? This article delves deeper into the intriguing insights surrounding Ethereum this month.

Table of Contents

Majority of ETH Holders in Profit: Potential Selling Pressure?

Astonishingly, 90.8% of ETH holders are currently in profit, the highest level since June 2024! This impressive figure reflects strong belief in Ethereum’s potential. However, the remaining 9.2% are still underwater, holding 2.8% of the total supply. This raises the question: will potential selling pressure from the profitable group be strong enough to curb ETH’s upward momentum?

Ethereum Layer-2: Exploding Value and Trading Volume

Total Value Locked (TVL) on Ethereum Layer-2 has surpassed $51 billion, reaching a record high! This strong growth reflects the increasing demand for DeFi applications on Ethereum. Uniswap, the top DEX on Ethereum, also registered record-breaking monthly trading volume. It’s phenomenal to witness the explosive development of the Ethereum ecosystem!

Bitcoin Stalls, Altcoins Surge – An Opportunity for Ethereum?

Over the past week, Bitcoin’s growth has slowed near the $100,000 mark, ceding 3% of its market capitalization to Ethereum and other altcoins. This is a familiar cyclical trend, often signaling stronger growth potential for ETH and the beginning of an “altcoin season,” especially for low-market-cap tokens. Is this the golden opportunity to invest in Ethereum-based projects? The shift presents significant potential for shrewd investors.

Funding Rate: A Sign of Bullish Sentiment

Ethereum’s funding rate indicates strong bullish sentiment, with considerable room for further growth. This trend demonstrates increasingly strong upward momentum among investors and traders, further reinforcing the positive outlook for Ethereum in the coming period.

Social Media Growth: An Ethereum Wave

The number of posts about Ethereum on X (formerly Twitter) has increased by 282% in the last three days! This significant increase reflects growing attention towards Ethereum within the crypto community. Everyone is eagerly awaiting Ethereum’s next breakthroughs, aren’t they?

Whale Involvement: Millennium Management and the BlackRock ETF

Millennium Management, a prominent hedge fund, is the largest investor in BlackRock’s Ethereum ETF. The participation of such major financial institutions demonstrates strong belief in Ethereum’s long-term potential. This is a positive signal, confirming the increasing mainstream adoption of Ethereum in the traditional financial market.

Factor	Description	Assessment
Profitable Holder Rate	90.8% – highest since June	Positive signal, but potential selling pressure needs consideration.
L2 TVL	Exceeded $51 billion, a record high	Reflects strong growth in DeFi demand.
Bitcoin	Stalled, ceding market cap to ETH and altcoins	Opportunity for altcoin season, particularly ETH.
Funding Rate	Shows strong bullish sentiment, significant growth potential	Confirms strong upward price momentum.
Social Media	Increased by 282% in 3 days	Growing attention towards Ethereum.
Institutional Investment	Millennium’s large investment in BlackRock’s ETH ETF	Broadening adoption of Ethereum in the financial market.

Observations and Conclusion

November 2024 paints a largely optimistic picture for Ethereum. However, it’s crucial to remain vigilant and monitor potential risks. The explosion in Layer-2 activity, the market cap shift from Bitcoin, and the positive market sentiment are all encouraging signs.