CoinGecko: 2024 Q1 Strong Crypto Industry Growth Propels Market Cap to $2.9 Trillion

The 2024 Q1 Crypto Trade Report by CoinGecko showcases the continued development and improvement of the cryptocurrency market. The report highlights key statistics and tendencies noticed in the course of the first quarter of 2024.

Bitcoin (BTC) emerged as a prime performer, rising by 68.8% and reaching an all-time excessive of $73,098. This development was attributed to the approval of US spot Bitcoin ETFs in early January. The report additionally signifies that Bitcoin ETFs held over $55.1 billion in property beneath administration (AUM) by April 2, 2024.

Ethereum (ETH) additionally witnessed optimistic development, with the entire variety of restaked ETH on the EigenLayer platform growing by 36% to 4.3 million. Moreover, Solana memecoins skilled a surge in market cap, rising by $8.32 billion in Q1.

The NFT market remained energetic, with NFT buying and selling quantity throughout the highest 10 marketplaces reaching $4.7 billion. Magic Eden emerged because the main market by way of market share.

Spot buying and selling quantity on centralized exchanges (CEX) reached $4.29 trillion in Q1, the best since This fall 2021. Nonetheless, Ethereum’s share of decentralized exchanges (DEX) buying and selling quantity fell beneath 40%, indicating the elevated consideration given to different blockchain networks.

The report gives complete insights into these developments, that includes 50 slides of research and information. It gives precious info for buyers, merchants, and trade lovers looking for to know the present state of the crypto market.

CoinGecko’s 2024 Q1 Crypto Trade Report demonstrates the continued development and innovation throughout the cryptocurrency trade. Because the market expands and evolves, it’s essential to remain knowledgeable concerning the newest tendencies and developments to make knowledgeable choices.

Picture supply: Shutterstock

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