Coingecko's Q1-2024 Crypto Industry Report

What’s a better way to stay positioned than reading about the performance of the first quarter of 2024?

The momentum from the previous quarter extended into 2024, resulting in a 64.5% increase in the total crypto market cap in the first quarter. SEC’s approval of US spot Bitcoin ETFs influenced the growth in the first quarter of 2024. Read through to stay updated on the industry’s growth.

7 Key Insights from the Q1-2024 Crypto Industry Report
  • Bitcoin soared by +68.8%, reaching $73,098 in Q1-2024

Bitcoin (BTC) increased by +68.8 % in the first quarter of 2024. Bitcoin ETFs appreciated, and BTC reduced by -16.0% and dropped to $39,505. Afterward, it gained its position with a +85.0% increase, hitting a new all-time high of $73,098.

There was a -18.0 % dip, but BTC closed the first quarter of 2024 at $71,247. BTC’s trading volume increased in Q1, averaging $34.1 billion daily.

  • Bitcoin ETFs managed over $55.1 billion in assets as of April 2nd, 2024.

As of April 2024, BTC ETFs had over $55.1 billion in assets. The SEC approved trading Spot BTC ETFs on January 10, 2024.

The ETFs performed well, with BlackRock’s IBIT ETF taking the second place with over $17.0 billion in BTC. Another ETF that did well is Grayscale’s converted GBTC ETF; it did over $21.7 billion in assets under management (AUM) on April 2, 2024.

  • Ethereum Staking on EigenLayer marked a 36% quarterly growth. It surged to $4.3 million ETH in Q1-2024.

EigenLayer experienced significant growth via ETH restaking on its platform. The ETH restaked increased by a whopping 30%, taking the market volume to $4.3 million. Etherfi, a liquid restaking protocol, had a market share of 21.0%.

  • Solana memecoins surged in Q1. The top coins delivered a high market cap of $8.32 billion.

Solana memecoins caused an uproar with over $8.32 billion in market cap for the two popular memecoins. At the end of the first quarter, they had a market cap of $9.36 billion. Solana memecoins had already been stirring things up in the fourth quarter of 2023 with BONK and SAMO. In Q1 of 2024, we had WIF and BOME, which did $1 billion after the first two days of launch.

More About Coingecko’s Q1-2024 Crypto Industry Report
  • NFT trading volume reached $4.7 billion in the first quarter of 2024. Magic Eden led the market.

NFT trading hits $4.7 billion across 10 NFT marketplaces in the first quarter of 2024. Blur was the highest-performing NFT at $1.5 billion, but Magic Eden outperformed it by $0.76 billion in March 2024.

  • Spot trading volume on CEX got to $4.29 trillion in Q1-2024

In Q1-2024, the top 10 centralized exchanges had a spot trading volume of $4.29 trillion. Up by +95.3% compared to Q4-2023. The top player, Binance, maintained its position by closing March with a 50% market share. How did it achieve this? By increasing the listing and launching of new projects. Many protocols and projects were launched and listed on Binance in Q1 of 2024.

  • Ethereum’s share of DEX trading volume dropped below 40%

Ethereum’s DEX trading volume fell below 40%. Guess what? It still did $70 billion in DEX trading volume in March.

Arbitrum chain’s DEX trading performed well in January and February but experienced a downturn in March. Solana and Base also experienced active trading, with memecoins as the leading narrative.

These are the top highlights of the first quarter of 2024. Stay glued to Altcoin Buzz for early information on crypto trends.



The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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