The Crypto Industry Report for the first quarter of 2024, as presented by CoinGecko, illustrates the ongoing expansion and progress of the cryptocurrency sector. Throughout the report, significant data and trends from this period are highlighted.
One notable highlight is the exceptional performance of Bitcoin (BTC), which saw a remarkable 68.8% growth, culminating in a record high of \(73,098. This surge was primarily driven by the approval of US spot Bitcoin ETFs in early January. Furthermore, the report reveals that Bitcoin ETFs collectively managed assets exceeding \)55.1 billion by April 2, 2024.
In a similar vein, Ethereum (ETH) experienced positive growth, evidenced by the substantial increase in restaked ETH on the EigenLayer platform, which rose by 36% to 4.3 million. Additionally, there was a notable uptick in the market capitalization of Solana memecoins, soaring by $8.32 billion during Q1.
The NFT market maintained its vibrancy, with the total NFT trading volume across the leading 10 marketplaces hitting $4.7 billion. Among these, Magic Eden emerged as the dominant marketplace in terms of market share.
During the first quarter, spot trading volume on centralized exchanges (CEX) surged to $4.29 trillion, marking the highest figure since Q4 2021. However, Ethereum’s share of decentralized exchanges (DEX) trading volume dropped below 40%, signaling a shift in focus towards alternative blockchain networks.
This comprehensive report comprises 50 slides of in-depth analysis and data, offering valuable insights for investors, traders, and enthusiasts keen on understanding the current landscape of the crypto market.
The 2024 Q1 Crypto Industry Report by CoinGecko underscores the persistent growth and ingenuity within the cryptocurrency domain. As the industry continues to expand and transform, staying abreast of the latest trends and advancements is essential for making well-informed decisions.
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