This volume marks the highest monthly activity for Ethereum in nearly three years, underscoring the network's importance within the blockchain ecosystem.

NFT sales on Ethereum also saw a significant uptick, exceeding $253 million in the last 30 days, which is over a 32% increase and outperformed all other blockchains in NFT sales.

The average NFT trade volume on Ethereum reached $55 million per week over the past three weeks, nearly double the previous months' weekly average.

Notable NFT projects like CryptoPunks and Pudgy Penguins saw significant floor price increases of 55% and 46.5%, respectively, in November.

From a price perspective, Ethereum closed November at nearly $3,700, maintaining a bullish trend supported by consistent trading above its 50-day and 200-day moving averages.

In November 2024, Ethereum achieved a record on-chain volume of $183.74 billion, marking its highest monthly activity year-to-date.

This surge in on-chain activity, with transaction volume exceeding $180 billion, was fueled by a capital rotation into Ethereum-based NFT marketplaces, which experienced their highest combined monthly volume since June 2024.

The increase in on-chain volume is largely attributed to participants reallocating funds from centralized exchanges to on-chain activities.

Despite these record volumes, Ethereum's average transaction fee remained low, at just one-fifth of the costs seen during the previous yearly highs in March.

This reduction in fees is likely due to a shift in transaction composition, favoring stable, high-value transfers over speculative trades.

Ethereum's Total Value Locked (TVL) has rebounded to approximately $73.48 billion, reflecting renewed investor interest in decentralized finance (DeFi) as it recovers from mid-year lows.

While November's volume is significantly lower than the all-time high of $404.93 billion in May 2021, it still represents a 9% increase over the previous yearly high recorded in March 2024.