Introduction
Ethereum’s on-chain volume for November reached $183.74 billion, the highest level in three years, driven by shifts in market behavior.Market Trends
The increase represents a 9% rise over March’s yearly high and nearly doubles January’s low of $107.93 billion. Analysts attribute this to capital rotation from centralized exchanges to on-chain transactions, particularly in stablecoins and NFTs.NFT Resurgence
Ethereum-based NFT marketplaces saw their highest combined monthly volume since June, averaging $55 million in weekly trade volume. Notable projects like CryptoPunks and Pudgy Penguins experienced floor price increases of up to 55%.Transaction Efficiency
Despite record on-chain volumes, transaction fees remained low—just 1/5th of March’s high—due to the shifted composition of transactions favoring high-value stable transfers over speculative token trades.Conclusion
Ethereum’s resurgence underscores its pivotal role in the crypto ecosystem, with evolving use cases driving its sustained dominance.
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