November 2024 Monthly Blockchain Report: Bitcoin Finally Ushers in a "Big Bull Market"

In November 2024, the blockchain industry finally ushered in a "big bull market". Bitcoin continued to set new highs in price and was about to break

As Bitcoin price continues to soar, setting new records, altcoins also showed outstanding performance in November. Stellar (XLM) led the way with a 466.8% increase, followed by Hedera (HBAR) with a 269.7% increase, Cardano (ADA) with a 201.5% increase, and Polkadot (DOT) with a 130.7% increase.

Among them, Stellar's surge is particularly noteworthy. This can be largely attributed to the market's growing attention to Stellar's cross-border remittance infrastructure and CBDC capabilities. Stellar has been actively engaged in this space, with several partnerships and initiatives being undertaken throughout the year.

For instance, in February, Stellar announced a collaboration with MoneyGram to enable cross-border stablecoin transfers. Stellar also played a role in the Bahamas' Sand Dollar CBDC project, which went live in October. Stellar's technology was used to facilitate the tokenization and distribution of the Sand Dollar.

Furthermore, Stellar's strong community and developer support may have also contributed to its price performance. Several projects and applications are being built on Stellar, including stablecoins, decentralized exchanges, and tokenized assets. Stellar's user-friendliness and low transaction fees also make it attractive for various use cases.