Important Crypto Market Updates! CoinGecko’s Latest Report Explains What’s NEXT!!

Important Crypto Market Updates! CoinGecko’s Latest Report Explains What’s NEXT!!

last quarter flew by in the blink of an eye well you know what that means it’s time for another quarterly recap we recently released our comprehensive 50-page report which takes a bird’s eye view of the crypto industry covering the overall Market Bitcoin ethereum Defi nfts and exchanges stay tuned and watch till the end for a summary and highlight of the most important updates included in our q1 crypto industry report while the markets have been moving sideways for the past few weeks the market was rallying for most of q1 compounding on the rally of Q4 last year total crypto market cap rallied by 64.5% in q1 reaching a high of 2.9 trillion on March 13th while Bitcoin has reached a new all-time high it’s worth noting that the total crypto market cap is slightly shy of that achievement in absolute terms the growth of the past quarter was almost double that of Q4 202 3 having grown by 1.1 trillion this was largely driven by the approval of us spot Bitcoin ETFs in early January sending Bitcoin to a new all-time high in March Bitcoin continued to be the main beneficiary of inflows as seen by its slight uptick in dominance however since the end of q1 dominance has seen another uptick and has broken up past an important level to levels not seen since April 2021 stable coins have seen continued inflow growing by 15% or 20.6 billion in absolute terms usdc has regained a bit of its market share which had been declining over most of last year newcomer usde entered the chat breaking into the top five Stables even though it launched only in late February usde is a synthetic stable coin issued by the Athena protocol and maintains its Peg and provides yield through Delta hedging mechanisms grew to 1 billion in market cap within 2 weeks and currently stands at 2.3 billion in market cap as for the top categories of this quarter AI top the chart followed by meme coins and realworld assets most AI coins continue to see strength so far and are holding up decently against Bitcoin while we saw a meme coin craze that occurred in q1 mostly on Solana but also on ethereum base and other chains to a lesser extent rwa like got attention after Black Rock announced its latest tokenized treasury bidle Fund in late March last quarter was not short on notable events of course with us spot Bitcoin ETFs approved Bitcoin breaking all-time highs multiple air drops project launches and important developments like Unis swaps fee switch proposal and ethereum’s denin upgrade we also have to mention the successful crowdfunding of putting dowi hat on the Las Vegas sphere which raised 600 99k this video is brought to you by Bing x a leading crypto exchange with over 10 million users worldwide Bing X offers spot derivatives copy trading and asset management in 2024 Bing X proudly became Chelsea FC’s principal partner taking a closer look at Bitcoin the largest crypto grew by 69% in q1 and no we’re not making these figures up immediately after the US spot Bitcoin ETF approvals Bitcoin saw a six 16% correction to a quarterly low of 3955 however it then rallied a whopping 85% to hit its new all-time high of $73,900 it then pulled back 18% before recovering to close the quarter at $ 71,2 47 average daily trading volume had risen by 90% quarter on quarter to 34 billion a new hobby of last quarter has been fund flow watching of us spot ETFs with Traders looking to flose as an indication of bullish or bearish momentum us spot Bitcoin ETFs held over 55 billion in funds by April 2nd after the approval of us spot Bitcoin ETFs by the SEC on January 10th black rocks ibit ETF has accumulated over 17 billion in Bitcoin and cemented itself as the second largest Bitcoin ETF it also had the most trading volume amongst its competitors in q1 meanwhile gray scales converted gbtc ETF ended April 2nd with 21.7 billion in AUM it experienced 6.9 billion in net outflows due to early investors taking profit and its higher fees compared to its competitors despite this it remained the largest Bitcoin ETF in q1 over on ethereum the main developments were the denin upgrade and gaining traction of reaking with the denin upgrade successfully implemented on March 13th gas fees across layer 2os were significantly reduced to only a few cents per transaction this led to a surge in activity on l2s which was 40% higher than last quarter Linea also saw a boost in activity with growing rumors of an airdrop E3 staking on igen lay also took off in the past few months with the total number of restak eth rising 36% to 4 .3 million most of this restak eth 53% were held by liquid reaking protocols totaling 2.28 million eth ethery was the largest LRT protocol of q1 with a 21% market share or 910k eth held Solana remained in the spotlight in q1 being the beneficiary of the meme coin craze on the network despite facing a 5H hour outage on February 6th almost a year since its last major outage the soul token Shrugged this off rallying by 100% in q1 aside from the outage the surge in activity has also been causing congestion on the network recently Solana had rolled out an update as part of several more to tackle the congestion issue the top 10 Solana meme coins grew by 82% or 8.3 billion in q1 ending the quarter with over 9 billion in market cap out of the top 10 Solana meme coins only bnk and S existed prior to Q4 last year bnk the number one meme coin on Solana since its launch in December 2022 was flipped by whiff in early March meanwhile boome launched on March 14th reached a 1 billion market cap within 2 days now one interesting development in the defi sector is points trading and pre-launch markets recent months saw the emergence and rise of points programs which were tied to a Project’s eluded airdrop in typical crypto fashion a market has emerged which allows users to speculate on the future value of their airdrops by enabling points trading on protocols like whales Market Traders could also directly speculate on the price of the future token on protocols like Avo and Hyper liquid which started listing pre-launch markets for tokens which had confirmed their airdrops interestingly these have had relative accuracy in predicting the opening price of the airdrop tokens nfts saw some recovery last quarter where trading volume across the top 10 marketplaces stood at 4.7 billion now this was due to revived attention on bitcoin and Solana nfts blur remained the leading nft Marketplace in q1 with over 1.5 billion in volume magic Eden gained some market share and surpassed blur in trading volume in March due to the introduction of its Diamond reward program and its ethereum based Marketplace in collaboration with Yuga Labs okx which dominated Bitcoin nft trading volume in 2023 saw its volumes plunged by 73% as activity shifted to other platforms which supported Bitcoin nfts such as magic Eden and unisat finally let’s have a look at activity on exchanges which have seen a great quarter spot tring volume on the top 10 centralized exchanges hit 4.3 trillion in q1 a 95% QQ gain this is the highest it’s been since December 2021 binance remained the largest sex ending march 2024 with half the market share having slowly regained its dominance throughout the quarter during the same period there was a notable increase in new listings and project Launches on on the exchange meanwhile mexc an exchange known for its wide array of smaller cap tokens saw its market share shrink as Traders focused on Majors such as Bitcoin ethereum and soul trading volume on dexes also climbed significantly with volume in March being the highest it has been since the 2021 November peak of last cycle many of the dexes on Solana like radium and orca were the ones that led the growth e share of deck trading volume fell below 40% as other chains gained more attention it hit an all-time low of just 30% market share in February 2024 however despite its decline in market share the market wide surge in activity meant it still managed to record 70 billion in trades in March arbitrum saw a spike index trading volume driven by its incentive program which ended in March other chains such as Solana in basee also had an active quarter with meme coins contributing to significant trading volume well that’s all that we can cover in this video leave a like and share this to your friends if you found this highlight useful also make sure to check out the full report which will link in the description below see you in the next one [Music]

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Catch up with the most important developments of 2024. Here’s some highlights from our latest 2024 Q1 Crypto Industry Report!

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CoinGecko 2023 Annual Crypto Industry Report 👉 https://assets.coingecko.com/reports/2024/CoinGecko-2024-Q1-Report.pdf?utm_source=web&utm_campaign=2024-Q1-Crypto-Industry-Report&utm_medium=display
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Timestamps:
00:00 Intro
00:29 Overview of Q1 24′
01:30 Stablecoins
02:06 Top Crypto Categories
02:36 Notable events
03:16 Bitcoin’s Performance
04:51 Ethereum’s Performance
05:48 Solana memecoin mania
06:56 Points trading & pre-launch markets
07:35 NFTs
08:31 Activity on Exchanges
10:05 Outro

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