After nearly topping all-time highs in the first quarter of 2024, the total cryptocurrency market capitalization gave up some of its gains in the second quarter, falling 14.4% to close in June at $2.43 trillion.
Total cryptocurrency market capitalization fell by 14.4% in Q2
The crypto market was worth $2.43 trillion as of Q2 2024, lagging the S&P 500’s 3.9% gain.
Cryptocurrency volatility remained high in the second quarter, with volatility at 48.2%, Bitcoin at 46.7%, and the S&P 500 at 12.7%.
Source: CoinGecko
Bitcoin ends Q2 at $62,734
Bitcoin fell 11.9% at the end of the second quarter, and the impact of the fourth halving is now minimal.
The transfer of 140,000 Bitcoins from Mentougou and the sale of seized Bitcoins by the German government have flooded the market with unease.
Source: CoinGecko
Bitcoin Mining Hashrate Hits New Highs, Then Starts to Decline
Hashrate peaked at 7.21M TH/S in April and subsequently fell by 18.8%, the first decline since Q2 2022.
BitDigital, Hive, and Hut 8 are making inroads into the AI industry, with Tether investing $500 million in mining despite hash rate declines.
Source: CoinGecko
Meme coins were the most popular narrative in Q2
Meme coins account for 14.3% of the total crypto market share.
Four of the top 15 cryptocurrency narratives are related to meme coins.
Solana, Ethereum, Base and TON have strong ecosystems. Solana and Base lead their opponents with 22.9% market attention.
Source: CoinGecko
Ethereum experienced inflation in Q2
A total of 107,725 Ethereum coins were destroyed, while 228,543 Ethereum coins were released, resulting in a net increase in supply of 120,828 Ethereum coins.
Due to lower network activity and lower gas fees, the destruction rate of Ethereum dropped by 66.7% month-on-month.
Source: CoinGecko
Exchange spot trading volumes fell 12.2% to $3.4 trillion
Binance remains the largest exchange with 45% market share.
Bybit surged rapidly in Q2 and has surpassed Upbit to become the second largest spot exchange.
Source: CoinGecko
DEX trading volume reached US$370.7 billion, a month-on-month increase of 15.7%
DEX has benefited greatly from the surge in meme coins and airdrops in Q2.
Uniswap leads the way with 48% market share, Thruster (the DEX on Blast) volume surged 464% to $6 billion, and Aerodrome grew 294.7% to $5.9 billion, each accounting for 3% of the market.
Source: CoinGecko
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "Foresight News"
Original author: CoinGecko
