Q2 2024 Crypto Market Review: Bitcoin Halving and Ethereum Activity Surge

Within the second quarter of 2024, the cryptocurrency market skilled vital occasions, together with the most recent Bitcoin halving and unprecedented exercise on the Ethereum community, in keeping with Bitwise Investments.

Market Efficiency

Following a robust first quarter marked by the launch of Bitcoin exchange-traded merchandise (ETPs) within the U.S., the crypto market took a step again in Q2. The Bitwise Massive Cap Crypto Index, Bitcoin (BTC), and Ethereum (ETH) ended the quarter within the pink. Regardless of the downturn, their year-to-date good points remained strong at 40%, 45%, and 50%, respectively.

Key Highlights

The quarter was notable for a number of main developments:

  • Web flows to Bitcoin ETPs approached $15 billion.
  • Stablecoin transactions hit a historic excessive of practically $3 trillion.
  • The Ethereum ecosystem noticed new data in every day lively addresses, validators, and transactions.
  • Crypto miners confronted new financial realities post-halving.
  • Congress confirmed unprecedented bipartisan help for crypto, as lawmakers deliberated the FIT21 crypto framework invoice.

Bitcoin Halving

The fourth Bitcoin halving occasion was a big milestone. This occasion, which happens roughly each 4 years, reduces the rewards for mining new Bitcoin blocks by half, impacting the availability dynamics and economics for miners.

Ethereum’s Surge

Ethereum additionally made headlines with record-breaking exercise. The community achieved new heights in every day lively addresses, validators, and transactions, reflecting its rising adoption and utility.

Stablecoin Transactions

Stablecoin transactions reached practically $3 trillion, underscoring their rising function within the crypto ecosystem as a medium of trade and a retailer of worth.

Legislative Help

On the legislative entrance, the U.S. Congress demonstrated a big shift in angle in direction of cryptocurrency, with bipartisan help for the FIT21 crypto framework invoice. This growth suggests a rising recognition of the significance of regulatory readability in fostering innovation and development within the crypto sector.


Regardless of the blended efficiency in Q2, the underlying traits and developments level to a maturing market with rising institutional curiosity and legislative help. For an in depth evaluation of those traits and extra, check with the total report by Bitwise Investments.

About Bitwise

Bitwise Asset Administration is the most important crypto index fund supervisor in America. It supplies a variety of index and lively options throughout ETFs, individually managed accounts, non-public funds, and hedge fund methods. Bitwise is thought for its professional analysis, commentary, and deep entry to the crypto ecosystem. The agency is backed by main institutional buyers and has places of work in San Francisco and New York.

Picture supply: Shutterstock



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