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CoinGecko: Strong Crypto Industry Growth in Q1 2024 Pushes Market Cap to $2.9 Trillion
CoinGecko’s Q1 2024 Cryptocurrency Industry Report shows 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) proved to be the top performer, growing by 68.8% and reaching an all-time high of $73,098. This growth was attributed to the approval of spot Bitcoin ETFs in the US in early January. The report also indicates that Bitcoin ETFs held over $55.1 billion in assets under management (AUM) as of April 2, 2024.
Ethereum (ETH) also saw positive growth, with the total number of ETH reestablished on the EigenLayer platform increasing by 36% to 4.3 million. Additionally, Solana memecoins saw an increase in market capitalization, growing by $8.32 billion in the first quarter.
The NFT market remained active, with NFT trading volume in the top 10 markets reaching $4.7 billion. Magic Eden has emerged as the market leader in terms of market share.
Spot trading volume on centralized exchanges (CEX) reached $4.29 trillion in the first quarter, the highest since Q4 2021. However, Ethereum’s share of trading volume on decentralized exchanges (DEX) is dropped below 40%, indicating increased attention paid to other blockchain networks.
The report provides comprehensive insights into these developments, presenting 50 slides of analysis and data. It offers valuable information for investors, traders and industry enthusiasts seeking to understand the current state of the cryptocurrency market.
CoinGecko’s Q1 2024 Crypto Industry Report demonstrates continued growth and innovation in the cryptocurrency industry. As the market expands and evolves, it is critical to stay informed about the latest trends and developments to make informed decisions.
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