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.
1/ Bitcoin reached a new ATH of $73,098 🚀
• #Bitcoin surged by 69% in Q1, propelled by the approval of US Spot Bitcoin ETFs.
• Despite a correction post-ETF approval, BTC rebounded by 85%, with a trading volume averaging $34.1B daily, marking an 90% increase from Q4 2023. pic.twitter.com/ijEgfvp5CS— CoinGecko (@coingecko) April 17, 2024
- 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%.
3/ Ethereum restaking on EigenLayer grew by 36% ↗️
• Total number of restaked $ETH on @EigenLayer reached 4.3M in Q1.
• The majority (52.6%) of restaked $ETH, totalling 2.28 million, were held by Liquid Restaking Protocols, with @ether_fi emerging as the largest LRT protocol. pic.twitter.com/skEt6xnH1i— CoinGecko (@coingecko) April 17, 2024
- 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.
5/ NFT trading volume hits $4.7B 🖼️
• @blur_io led with $1.5B in volume, holding a 28% market share, up from 25% in 2023 Q4.
• @MagicEden surpassed Blur in March with over $0.76B in volume, fuelled by its Diamond reward program and Ethereum-based marketplace with Yuga Labs. pic.twitter.com/2VVey3hlOC— CoinGecko (@coingecko) April 17, 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.
7/ Ethereum's DEX trading share dips below 40% 🔻
• #Ethereum's share of DEX trading volume hits an all-time low of 30% in February 2024.
• Other chains like #Solana and #Base also had active quarters, with memecoins contributing to significant trading volume. pic.twitter.com/AWVUhaBz1k— CoinGecko (@coingecko) April 17, 2024
These are the top highlights of the first quarter of 2024. Stay glued to Altcoin Buzz for early information on crypto trends.
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