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

Luisa Crawford  Apr 18, 2024 15:55  UTC 07:55

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The 2024 Q1 Crypto Industry Report by CoinGecko showcases the continued growth and development of the cryptocurrency market. The report highlights key statistics and trends observed during the first quarter of 2024.

Bitcoin (BTC) emerged as a top performer, growing by 68.8% and reaching an all-time high of $73,098. This growth was attributed to the approval of US spot Bitcoin ETFs in early January. The report also indicates that Bitcoin ETFs held over $55.1 billion in assets under management (AUM) by April 2, 2024.

Ethereum (ETH) also witnessed positive growth, with the total number of restaked ETH on the EigenLayer platform increasing by 36% to 4.3 million. Additionally, Solana memecoins experienced a surge in market cap, growing by $8.32 billion in Q1.

The NFT market remained active, with NFT trading volume across the top 10 marketplaces reaching $4.7 billion. Magic Eden emerged as the leading marketplace in terms of market share.

Spot trading volume on centralized exchanges (CEX) reached $4.29 trillion in Q1, the highest since Q4 2021. However, Ethereum's share of decentralized exchanges (DEX) trading volume fell below 40%, indicating the increased attention given to other blockchain networks.

The report provides comprehensive insights into these developments, featuring 50 slides of analysis and data. It offers valuable information for investors, traders, and industry enthusiasts seeking to understand the current state of the crypto market.

CoinGecko's 2024 Q1 Crypto Industry Report demonstrates the continued growth and innovation within the cryptocurrency industry. As the market expands and evolves, it is crucial to stay informed about the latest trends and developments to make informed decisions.

Image source: Shutterstock

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