Crypto Market Rollercoaster: Q2 2024 Insights
Has crypto left you feeling a bit underwhelmed these last few months? Well, you’re not alone. While the first quarter of this year was bullish AF, things have since calmed down... a lot. Unless you’ve spent the last few months in the memecoin casino, you’ve probably noticed how quickly things have changed.
What’s Happening in the Market?
CoinGecko’s latest Q2 report highlights a significant shift. The total crypto market cap dropped by 14.4%, ending Q2 at $2.43 trillion, a stark contrast to the near-all-time highs of Q1. Bitcoin’s fourth halving in Q2, despite high expectations, didn't cause the anticipated price surge. Instead, Bitcoin’s price fluctuated between $58,000 and $72,000, closing the quarter at $62,734, down almost 12%.
Ethereum's New Dynamics
Ethereum turned inflationary this quarter, adding over 120,000 ETH to its circulating supply due to a slowdown in network activity and reduced gas fees. This shift resulted in fewer burns exceeding emissions compared to Q1.
Exchange Performance and DeFi Growth
Centralized exchanges saw a 12.2% decline in spot trading volume, while decentralized exchanges experienced a 15.7% increase, reaching $370.7 billion. Binance remained the dominant player among CEXs, while Uniswap led the DEXs.
Where Do We Go From Here?
The outlook for the rest of 2024 remains uncertain, but improving macroeconomic conditions and ongoing development in the crypto space provide a glimmer of hope. As always, staying informed and adaptive is key in this volatile market.
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