There is no such thing as a query that the cryptocurrency trade witnessed explosive development in 2024, with the flagship cryptocurrency Bitcoin persevering with to steer the market. Knowledge reveals that the full market capitalization of the crypto trade has greater than doubled over the previous yr.
Whereas it has been difficult to discover a frequent theme for the way the market has improved in 2024, it’s straightforward to level out the completely different elements of development within the digital asset trade this yr. A outstanding blockchain agency has recognized 5 tendencies that mirror the shift skilled within the crypto market previously 12 months.
5 Developments In The Crypto House In 2024
In its newest weekly report, market intelligence platform IntoTheBlock defined the 5 main on-chain tendencies that mirror the expansion of the cryptocurrency trade previously yr. It’s been all (or principally) fireworks for the digital asset market, particularly Bitcoin, in 2024.
Firstly, IntoTheBlock pointed to the expansion and the rising dominance of Bitcoin within the crypto market, particularly after the approval of spot exchange-traded funds in the USA. In consequence, the premier cryptocurrency’s market share hit its highest degree in over three and a half years.
The crypto analytics agency highlighted that Trump’s success within the presidential elections additionally performed a task in driving greater the worth of Bitcoin. All in all, Bitcoin’s dominance has now moved from beneath 50% to 59% year-to-date.
Like Bitcoin, the meme coin market additionally witnessed unprecedented development in 2024, with its mixture market capitalization surging by over 400%. IntoTheBlock particularly talked about the introduction of Solana-based launchpad Pump.enjoyable, which catalyzed a meme coin explosion within the Solana ecosystem.
Supply: IntoTheBlock
Nonetheless, this meme coin pattern on the Solana community left a unfavorable impression on the Ethereum ecosystem and ETH’s value efficiency in 2024. With meme cash shifting to Solana and non-fungible tokens (NFTs) not making a robust return this bull cycle, there was a decline in Ethereum community charges, resulting in much less ETH being burnt.
Moreover, decentralized finance (DeFi) noticed a resurgence in 2024, as contemporary capital flowed into varied protocols and tasks. As much less worth was misplaced to hacks and exploits and regulatory stress was diminished in 2024, the combination market cap of the DeFi sector hit its highest since early 2022.
Lastly, IntoTheBlock famous that new tasks that had been pioneered over the past bear market noticed exceptional development in 2024. As an illustration, restaking tasks and foundation buying and selling protocols had been a few of the highlights within the crypto house previously yr.
Whole Crypto Market Cap
As of this writing, the full cryptocurrency market capitalization stands at round $3.49 trillion. Based on information from TradingView, the crypto market cap has elevated by greater than 105% year-to-date.
The entire cryptocurrency market capitalization at $3.3 trillion | Supply: day by day TOTAL chart on TradingView
Featured picture from Pexels, chart from TradingView
