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Ethereum Reaches OnChain Volume of $183.7 Billion in November
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In November, Ethereum’s onchain volume reached $183.74 billion, making it the highest monthly volume recorded this year so far. This number represents the highest Ethereum onchain volume in almost three years, since the US$241 billion of December 2021.
Although this value is still far from the record of US$404.93 billion in May 2021, November’s performance shows a return to solid levels of activity.
Furthermore, according to data from The Block Data, there was a 9% increase compared to the previous year’s highs recorded in March, and the volume almost doubled compared to the lowest value of the year of US$107.93 billion in January.
This growth has likely been driven by capital rotation as market participants move their funds from centralized exchanges (CEXs) to onchain activities.
Ethereum
For example, the pivot to NFTs has caused a slight rebound in the non-fungible token market. In November, Ethereum-based NFT marketplaces have recorded the highest combined monthly volume since June.
Additionally, NFT trading volume on Ethereum has maintained an average of $55 million per week over the past three weeks, nearly double the weekly average in previous months.
This increase is further evidenced by the growth in floor prices of several notable NFT projects this month. Projects like CryptoPunks, Pudgy Penguins, and Milady Maker saw their floor prices rise by 55%, 46.5%, and 36.7%, respectively.
Another interesting point is that the 7-day moving average of transaction fees on Ethereum has remained relatively low, even with the record increase in annual onchain volume.
Rates were just a fifth of the cost seen during the year-ago highs in March. This difference is likely due to the change in the composition of onchain transactions on Ethereum.
While March was dominated by high-fee speculative trading like token swaps and launches, November’s activity included more stable, high-value transfers, which generally consume less gas.
Ethereum Reaches OnChain Volume of $183.7 Billion in November
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Ethereum Reaches OnChain Volume of $183.7 Billion in November
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Ethereum Reaches OnChain Volume of $183.7 Billion in November
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Ethereum Reaches OnChain Volume of $183.7 Billion in November
