\n ![\"CoinGecko](\"https:\/\/image.blockchain.news:443\/features\/8A6D364E10667B70266C559AAAD3793038EA7B225A572DDB5616E316563F53D8.jpg\")
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\n <\/figure>\nThe second quarter of 2024 saw significant shifts in the cryptocurrency landscape, according to CoinGecko’s latest report. Despite a muted price action, the period was marked by noteworthy developments, including Bitcoin’s anticipated fourth halving and fluctuations in trading volumes on centralized and decentralized exchanges.<\/p>\n
Total Crypto Market Cap Fell -14.4% in Q2 2024<\/h2>\n
The total cryptocurrency market capitalization dropped by 14.4%, ending the quarter at $2.43 trillion. This decline contrasted sharply with the S&P 500, which rose by 3.9% during the same period. The correlation between the crypto market cap and the S&P 500 plummeted from 0.84 in Q1 to 0.16 in Q2, highlighting the divergent paths of these markets.<\/p>\n
Volatility remained a prominent feature in the crypto market, with an annualized volatility of 48.2%, while Bitcoin’s volatility was slightly lower at 46.7%. In comparison, the S&P 500’s volatility was significantly lower at 12.7%.<\/p>\n
Bitcoin (BTC) Ended Q2 at $62,734, Down -11.9%<\/h2>\n
Bitcoin (BTC) experienced an 11.9% decline, closing the quarter at $62,734. The cryptocurrency had previously reached a new all-time high of $73,098 in mid-March. The much-anticipated fourth halving of Bitcoin did not significantly impact its price, and trading volumes also saw a decline, averaging $26.6 billion daily, down 21.6% from Q1.<\/p>\n
The quarter ended on a cautious note, with market participants wary after news that Mt Gox and the German government were moving substantial amounts of Bitcoin.<\/p>\n
Bitcoin Mining Hash Rate Declined -18.8%<\/h2>\n
Bitcoin’s mining hash rate fell by 18.8% in Q2, marking the first decline since Q2 2022. The hash rate had reached an all-time high of 721M TH\/s in April before the drop. Despite this decline, the mining sector saw significant investments and expansions, including a $500 million investment from Tether and the development of a new mining chip by Block.<\/p>\n
Meme Coins and AI Lead Market Narratives<\/h2>\n
Meme coins, along with real-world assets (RWA) and artificial intelligence (AI), dominated market narratives, capturing 35.7% of market share. Meme coins were particularly popular, with four of the top 15 crypto narratives being meme-related. Solana and Base emerged as the most popular blockchain ecosystems, accounting for 22.9% of market attention.<\/p>\n
Ethereum (ETH) Becomes Inflationary<\/h2>\n
Ethereum (ETH) saw its supply increase by 120,818 ETH in Q2 as emissions outpaced burns. A total of 107,725 ETH were burned, while 228,543 ETH were emitted. The burn rate fell by 66.7% quarter-on-quarter due to decreased network activity and lower gas fees. Only seven days in Q2 saw ETH burns exceed emissions, compared to 66 days in Q1.<\/p>\n
Centralized Exchanges (CEX) See Trading Volume Drop<\/h2>\n
Centralized exchanges (CEXs) recorded a total spot trading volume of $3.40 trillion in Q2, a 12.2% decline from Q1. Binance maintained its position as the largest CEX, with a 45% market share. Bybit surged to become the second-largest spot CEX, overtaking Upbit, and increased its market share to 12.6%.<\/p>\n
Among the top 10 CEXs, Gate.io saw the highest growth in trading volume, rising by 51.1%, followed by Bitget and HTX, which grew by 15.4% and 13.7%, respectively.<\/p>\n
Decentralized Exchanges (DEX) Experience Growth<\/h2>\n
Decentralized exchanges (DEXs) recorded a total trading volume of $370.7 billion in Q2, a 15.7% increase from Q1. Uniswap remained the dominant DEX, holding a 48% market share. Thruster and Aerodrome emerged as significant gainers, with Thruster’s volume rising by 464.4% and Aerodrome’s by 297.4%, both securing a 3% market share by the end of June.<\/p>\n
For a detailed analysis and comprehensive insights, the full report is available on CoinGecko’s website. [source name]<\/p>\n
Image source: Shutterstock<\/i><\/span><\/p>\n <\/p>\n
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Ted Hisokawa
Jul 16, 2024 12:47
CoinGecko’s Q2 2024 report reveals a 14.4% decline in the crypto market, with Bitcoin’s<\/p>\n","protected":false},"author":1,"featured_media":244281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[171],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/244280"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=244280"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/244280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/244281"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=244280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=244280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=244280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}