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Source: coingecko, compiled by: Bitchain Vision@Zheye
Following strong performance in the fourth quarter of 2023, the total market value of cryptocurrencies continued to rise in the first quarter of 2024, up 64.5%, reaching a high of $2.9 trillion on March 13.
In absolute terms, the growth in the quarter (+$1.1 trillion) is almost twice the growth in the previous quarter (+$0.61 trillion).This is mainly due to the U.S. approval of the spot Bitcoin ETF in early January, resulting in a new high in Bitcoin price in March.
Our Q1 2024 Crypto Industry Report covers analytics from the cryptocurrency market landscape to Bitcoin and Ethereum, delves into the DeFi and NFT ecosystems, and reviews the performance of CEX and DEX.
7 highlights of CoinGecko’s cryptocurrency industry report for the first quarter of 2024:
1. The price of Bitcoin increased by +68.8% in the first quarter of 2024, setting a new all-time high of $73,098.
2. As of April 2, the assets managed by US spot Bitcoin ETFs have exceeded US$55.1 billion
3. Ethereum on EgenLayer reached 4.3 million ETH, a quarterly increase of 36%.
4. Solana’s memecoins rose sharply in the first quarter of 2024, with the top ten market capitalization increasing by US$8.32 billion
5. In the first quarter of 2024, the NFT trading volume of the top ten market trading platforms reached US$4.7 billion, and Magic Eden is currently leading the market share.
6. CEX’s spot trading volume reached US$4.29 trillion in the first quarter of 2024, the highest level since the fourth quarter of 2021
7. Ethereum’s share of transaction volume in DEX fell below 40%, while other chains attracted more attention
1. Bitcoin price increased by +68.8% in the first quarter of 2024, setting a new all-time high of $73,098
BTC prices continued to rise in the first quarter of 2024, up 68.8% during the period.
After the US spot Bitcoin ETF was approved, BTC immediately saw a -16.0% adjustment to a quarterly low of $39,505.However, it then rose by another 85.0%, reaching a new all-time high of $73,098.It then fell back -18.0%, before rebounding to $71,247 at the end of the quarter.
As for trading volume, it gradually rose in the first quarter of 2024, reaching an average of US$34.1 billion per day.This is an 89.8% increase from $18 billion in the fourth quarter of 2023.
Bitcoin ETFs manage more than $55.1 billion in assets.
2. As of April 2, the assets managed by US spot Bitcoin ETFs have exceeded US$55.1 billion
As of April 2, 2024, the managed funds of US spot Bitcoin ETFs have exceeded US$55.1 billion.This happened after the U.S. Securities and Exchange Commission (SEC) approved the spot BTC ETF trading on January 10.
BlackRock’s IBIT ETF has accumulated more than $17 billion in Bitcoin and has established itself as the second largest Bitcoin ETF.It also had the most volume in the first quarter of 2024.
Meanwhile, Grayscale’s converted GBTC ETF managed $21.7 billion in assets at the end of April 2.It experienced a net outflow of $6.9 billion due to early-stage investors’ profits and higher fees relative to competitors.Still, it was the largest Bitcoin ETF in the first quarter.
3. Ethereum on EgenLayer reached 4.3 million ETH, a quarterly increase of 36%.
In the first quarter of 2024, Ethereum (ETH) re-staking on EigenLayer began to take off, with the total re-staking increased by 36% to 4.3 million.
Most resolidated Ethereum (52.6%) comes from LRTs, with a total of 2.28 million ETHs.EtherFi was the largest LRT protocol in the first quarter, with a market share of 21.0%.It grew 2616% throughout the quarter and held 910,000 ETH at the end of March.
4. Solana’s memecoins rose sharply in the first quarter of 2024, with the top ten market capitalization increasing by US$8.32 billion
In the first quarter of 2024, memecoins on the top 10 Solana grew 801.5%, an increase of $83.2 billion.They ended the quarter with a total market cap of $93.6 billion.
Of the top 10 Solana memecoins, only Bonk (BONK) and Samoyedcoin (SAMO) existed before the fourth quarter of 2023.Since its launch in December 2022, BONK has been the number one memecoin on Solana, but was disrupted by dogwifhat (WIF) in early March.WIF was launched in November 2023.Meanwhile, Book Of Memes (BOME) was launched on March 14, with a market value of $1 billion in two days.
5. In the first quarter of 2024, the top ten markets reached US$4.7 billion in NFT trading volume, and Magic Eden is currently leading the market share
In the first quarter of 2024, the top 10 markets achieved NFT trading volume of US$4.7 billion.
Blur remains the leading NFT market in the first quarter with trading volumes of more than $1.5 billion.Its market share was 27.6% during the same period, an increase from 24.9% in the fourth quarter of 2023.Meanwhile, Magic Eden surpassed Blur in March due to the introduction of its Diamond rewards program and the Ethereum market that partnered with Yuga Labs.It traded more than $760 million in March.
OKX dominated Bitcoin NFT trading volume in 2023, but its trading volume fell 73.3% from $680 million in December 2023 to $180 million in March 2024.Bitcoin NFT transaction volume has shifted to other platforms such as Magic Eden and UniSat.OKX’s market share in March 2024 was 9.5%.
6. CEX’s spot trading volume reached US$4.29 trillion in the first quarter of 2024, the highest level since the fourth quarter of 2021
In the first quarter of 2024, the spot trading volume of the top 10 CEXs reached US$4.29 trillion.This is an increase of 95.3% compared to the previous quarter.This is the highest quarterly trading volume recorded by the top 10 spot CEXs since December 2021.
Binance remains the largest CEX, with a market share of 50% at the end of March 2024, gradually returning to its dominance throughout the quarter.Meanwhile, the number of new listings and project launches on the exchange has increased significantly.Meanwhile, MEXC, an exchange known for its large number of small-cap tokens, has contracted its market share as traders focus on major tokens such as BTC, ETH and SOL.
7. Ethereum’s share of DEX trading volume dropped below 40%, while other chains attracted more attention
In the first quarter of 2024, Ethereum’s share of DEX trading volume fell below 40%.It hit an all-time low in February 2024, accounting for only 30% of the market share.However, despite the decline in market share, it still recorded $70 billion in trading volume in March 2024, driven by a surge in market-wide trading activity.
On Arbitrum, DEX trading volume flourished in January and February 2024, thanks to the boost from its STIP incentive program.Even in the same period, it successfully surpassed Ethereum’s transaction volume.However, once the incentives were over, trading volume plummeted in March, and the chain ended the month with an 8% market share.
