After a powerful 2023 This fall, the full crypto market cap continued rallying by +64.5% in 2024 Q1, reaching a excessive of $2.9 trillion on March 13, 2024, the crew at CoinGecko famous in a brand new analysis report.
CoinGecko has defined that in absolute phrases, “the expansion of this quarter (+$1.1 trillion) was virtually double that of the earlier quarter (+$0.61 trillion).”
In response to CoinGecko’s analysis and evaluation, this was “largely pushed by the approval of US spot Bitcoin ETFs in early January, sending BTC to a brand new all-time excessive in March.”
CoinGecko says that its complete 2024 Q1 Crypto Trade Report covers all the pieces from the crypto market panorama to “analyzing Bitcoin and Ethereum, deep diving into the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, and reviewing how centralized exchanges (CEX) and decentralized exchanges (DEX) have carried out.”
They’ve summarized the important thing highlights:
Listed here are the 7 Highlights of CoinGecko’s 2024 Q1 Crypto Trade Report:
Bitcoin (BTC), the flagship cryptocurrency, “grew +68.8% in 2024 Q1, setting a brand new all-time excessive of $73,098.”
By April 2, US Spot Bitcoin ETFs held “over $55.1B in belongings below administration (AUM).”
Ethereum restaking on EigenLayer “hit 4.3M ETH, a quarterly development of 36%.”
Solana memecoins surged in 2024 Q1 “with the highest 10 rising by $8.32B in market cap.”
NFT buying and selling quantity throughout the highest 10 marketplaces “stood at $4.7B in 2024 Q1, with Magic Eden now main in market share.”
Spot buying and selling quantity on centralized exchanges (CEX) has “hit $4.29T in 2024 Q1, the best since 2021 This fall.”
Ethereum’s share of decentralized exchanges (DEX) buying and selling quantity “fell under 40%, as different chains gained extra consideration.”
As famous within the replace, Bitcoin (BTC) continued “rallying in 2024 Q1, rising +68.8% throughout that interval.”
Instantly after the US Spot Bitcoin ETF approvals, BTC noticed “a -16.0% correction to a quarterly low of $39,505. Nevertheless, it then rallied +85.0% to hit a brand new all-time excessive of $73,098. It then pulled again -18.0%, earlier than recovering to shut the quarter at $71,247.”
As for buying and selling quantity, it climbed “all through 2024 Q1 to a each day common of $34.1 billion. This represents an +89.8% enhance from $18.0 billion in 2023 This fall.”
And US Spot Bitcoin (BTC) ETFs held “over $55.1 billion in funds by April 2, 2024. This comes after the US Securities and Alternate Fee (SEC) accepted the buying and selling of Spot BTC ETFs on January 10.”
BlackRock’s IBIT ETF has gathered “over $17.0 billion in BTC, and cemented itself because the second-largest BTC ETF. It additionally had probably the most buying and selling quantity amongst its opponents in 2024 Q1.”
In the meantime, Grayscale’s transformed GBTC ETF, “ended April 2 with $21.7 billion in AUM. It skilled -$6.9 billion in internet outflows, as a result of early traders taking revenue, and its greater charges in comparison with its opponents.”
Regardless of this, it remained the most important BTC ETF in Q1.”
Ethereum (ETH) restaking on EigenLayer “took off in 2024 Q1, with the full variety of restaked ETH rising +36% to 4.3 million.”
Most restaked ETH (52.6%) have been “held by Liquid Restaking Protocols (LRTs), totaling 2.28 million ETH. EtherFi was the most important LRT protocol of Q1, with a 21.0% market share. It grew +2,616% all through the quarter, and held 0.91 million ETH by the tip of March.”
The highest 10 Solana (SOL) memecoins “grew by +801.5% or $8.32 billion in 2024 Q1. They ended the quarter with a complete market cap of $9.36 billion.”
Of the highest 10 Solana memecoins, “solely Bonk (BONK) and Samoyedcoin (SAMO) existed previous to 2023 This fall. BONK, the primary memecoin on Solana since its launch in December 2022, was flipped by dogwifhat (WIF) in early March. WIF was launched in November 2023. In the meantime, E-book Of Memes (BOME) launched on March 14, reaching a $1 billion market cap inside two days.”
NFT buying and selling volumes throughout “the highest 10 marketplaces amounted to $4.7 billion in 2024 Q1.”
Blur remained the main NFT market in Q1 “with over $1.5 billion in quantity. Its market share stood at 27.6% for a similar interval, up from 24.9% in 2023 This fall. In the meantime, Magic Eden managed to surpass Blur in buying and selling quantity in March, as a result of its introduction of its Diamond reward program, and its Ethereum-based market with Yuga Labs. It had over $0.76 billion in buying and selling quantity in March.”
OKX, which dominated Bitcoin NFT buying and selling quantity “in 2023, noticed its volumes plunge by -73.3% from $0.68 billion in December 2023 to $0.18 billion in March 2024. Bitcoin NFT buying and selling quantity shifted to different platforms equivalent to Magic Eden, and UniSat. OKX market share stood at 9.5% in March 2024.”
In 2024 Q1, the highest 10 centralized exchanges (CEX’s) “recorded $4.29 trillion in spot buying and selling quantity. This represents a achieve of +95.3% quarter-on-quarter (QoQ). That is the best recorded quarterly quantity for prime 10 spot CEXes since December 2021.”
Binance remained the most important CEX, “ending March 2024 with a market share of fifty%, having slowly regained its dominance all through the quarter.”
Throughout the identical interval, there was “a noticeable enhance in new listings and challenge launches on the trade. In the meantime, MEXC, an trade recognized for its big range of smaller-cap tokens, noticed its market share shrink as merchants targeted on majors equivalent to BTC, ETH, and SOL.”
Ethereum’s share of Decentralized Alternate (DEX) buying and selling quantity “fell under 40% in 2024 Q1. It hit an all-time low of simply 30% market share in February 2024. Nevertheless, regardless of its decline in market share, it managed to report $70 billion in trades in March 2024, bolstered by a market-wide surge in buying and selling exercise.”
On Arbitrum, DEX buying and selling quantity “flourished in January and February 2024, pushed by its STIP incentive program to bolster exercise. It even managed to outpace Ethereum buying and selling quantity throughout the identical interval. Nevertheless, as soon as incentives led to March, buying and selling quantity plummeted, with the chain ending the month with an 8% market share.”
Different chains equivalent to Solana, and Base additionally “had a energetic quarter, with memecoins contributing to vital buying and selling quantity.”
