Crypto Market Overview: What Happened in November?
Q3 of 2024 has broadly been a very successful period for the global crypto market, with both legacy crypto projects and meme coins posting significant gains in the process. However, neither September nor October hold a candle to what was to be seen in November, which saw the market truly take off, on the back of the reelection of Donald J. Trump as U.S. president.
Thanks to Trump’s recently encouraging stance on the issue of crypto regulation, coupled with the heavy involvement of Elon Musk in the election campaign, as well as the cabinet of the president, the crypto market took these developments as major tailwinds, which saw numerous coins jump by triple digits in value.
Much of the growth has been driven by the huge gains on Bitcoin, which reached a new all-time high in November at $99,645 which is considerably higher than the prior ATH, which stood at $73,084.
Going forward, according to the FirmFunded website , the inauguration of Donald Trump, coupled with the early signs of what his presidency could bring for the global crypto market in the coming four years, could boost the market further, if the lifting of regulations does indeed materialize.
Top 5 Crypto Gainers of November 2024
Most of the crypto market has shown significant growth over the month of November, which has meant that many indicators measuring market sentiment, including the Fear and Greed Index, are now showing signs of excessive greed on the market.
Peanut The Squirrel (PNUT) +2,020%
Peanut The Squirrel is a recent memecoin that has taken the crypto market by storm — jumping from as low as $0.05 towards the start of November, to as high as $2.27 in just one week.
While the coin has dropped significantly since then — to $1.10 by the end of the month, this nonetheless represents the largest single-month gain for a cryptocurrency available on major exchanges.
Due to such significant gains, the coin is likely to fall below the $1 mark before rebounding after the inauguration of Trump and the unveiling of the concrete crypto policy that will be a part of the newly formed Trump administration.
In the short-term, traders will be taking in some of their profits and this applies especially to traders who bought at the beginning of November.
Stellar (XLM) +454.5%
Stellar has emerged as one of the top-performing cryptocurrencies on the market in November — gaining over 450% throughout the past 30 days of trading.
This also greatly boosts the annual returns of XLM to 335% over the past 12 months of trading.
This could mean that a correction is on the horizon for XLM, as the coin has yet to drop significantly since its November peak. However, a correction is also unlikely to affect the price in the long run, as the same tailwinds are also highly likely to affect the performance of Stellar in the coming months as the rest of the market.
Stellar has long traded similarly to XRP, which has also delivered significant gains for its investors. Therefore, a significant part of XLM’s performance will also be dependent on how XRP continues to perform in the coming months.
XRP (XRP) +353.6%
One of the largest and most followed cryptocurrencies in the world, XRP has delivered over 350% in gains over the past 30 days of trading, which puts the annual returns of the coin at over 320%. This also makes XRP one of the most successful crypto investments of the past year.
Much of XRP’s performance throughout 2024 was derived from the investigation surrounding Ripple, which drove the major rises and falls based on the development and news that reached the market. This has changed significantly in recent months and XRP has also become tied to the election bull market.
For this reason, XRP is also likely to drop in the short-term, before picking back up again after the inauguration. With less regulatory hurdles on mining, the demand for XRP is also likely to rise, if such changes are implemented by the new Trump administration.
Algorand (ALGO) +308%
Another notable cryptocurrency that has delivered significant gains over the past month is Algorand. The price of the coin has increased by over 300%, putting its annual performance at a 250% gain.
Unlike many other entries on our list, Algorand’s growth has been largely consistent over the past few months, which has only accelerated after the election of Donald Trump as president of the United States in November.
Whether Algorand will be able to continue the momentum in the coming months remains to be seen, but a near-term pullback is to be expected as investors lock in some of their profits.
It is also worth noting that Algorand is still far from its all-time high price of $4.77, which was recorded shortly after its ICO in 2019.
Cardano (ADA) +244.8%
Cardano is another notable cryptocurrency that delivered triple-digit returns to its investors. Over the past month of trading, Cardano has gained over 240% in market value. This puts the coin’s annual performance at a 200% gain.
Cardano’s rise in price has also been quite linear over the course of 2024. It is also worth noting that the price of Cardano is still quite lower than its all-time high, which is $3.09, compared to the current price of $1.20.
Similarly to most entries on our list, Cardano is also likely to enter a short pullback as investors cash in on their gains and prepare for another bull run after the inauguration of Donald Trump.
The Top Crypto Loser of November 2024
Due to a firmly bullish sentiment in November, Popcat emerged as the only coin to lose value in November, while most cryptocurrencies remained in the green over the course of the month.
This also signifies considerable greed on the market, which could be due for a correction after the new crypto laws have been put in place.
Popcat (POPCAT) −21%
Popcat is a Solana-based meme coin that entered the global crypto market in December 2023. Since that period, the coin has exploded in value — jumping from $0.007 to as much as $1.97 in November of 2024.
However, the past month of trading has seen Popcat drop by more than 20%, with a brunt of the drop hitting by the mid-point of the month.
Going forward, Popcat could have more tailwinds that could help the memecoin regain its lost positions. Due to the fact that POPCAT is a memecoin, its performance largely depends on the prevailing sentiment on the market and while the short-term performance of the coin may be disappointing for its investors, this does not necessarily mean that Popcat will lose a significant portion of its gains since its late-2023 ICO.
Why Did the Crypto Market Rise in November?
The month of November has proven to be one of the most lopsided months in recent memory, in terms of the discrepancy between the gainers and losers on the market. In fact, over the past 30 days of trading, Popcat emerged as the only cryptocurrency that actually lost market value, while others posted double and triple digit growth in value over the same period.
While much of these results can be attributed to the election of Donald Trump as president and his new crypto-friendly policies, it is worth revisiting what exactly he promised that has managed to send the crypto market into a buying frenzy and the Fear and Greed Index to a value of 79/100:
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Bolstering the BTC mining industry in the United States
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Lifting regulatory hurdles for new crypto projects and exchanges
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Create a strategic Bitcoin reserve in the United States
Each of these promises could greatly boost the demand for crypto in the U.S. and unleash the largest economy onto the global crypto market with significantly less regulatory barriers, which could serve as one of the largest catalysts for the crypto market going forward.
Conclusion
November has proven to be one of the most active months for the global crypto market, with numerous cryptocurrencies gaining by double or triple digit percentages.
The primary cause of this bullish momentum has been the reelection of Donald Trump, who has promised less regulatory hurdles and an overall crypto-friendly climate in the United States.
The bull run is unlikely to lose momentum in the near-term, as Trump’s inauguration and the presentation and implementation of crypto-related laws are still upcoming.
For this reason, it is likely for a short-term correction to take place in December, preparing the market for Trump’s inauguration and the many tailwinds that may follow.
Traders are likely to lock in some of their profits and sell a portion of their positions in order to reinvest even more once the next tailwind reaches the global crypto market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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