2024 Crypto Market Q2 Review: Total Market Value Shrinks by 14.4%, MEME Remains Popular

Original author: CoinGecko

Original translation: 1912212.eth, Foresight News

After nearly breaking 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 at $2.43 trillion in June.

Total cryptocurrency market capitalization fell 14.4% in Q2

• As of Q2 2024, the crypto market cap was $2.43 trillion, lagging behind the SP 500鈥檚 3.9% gain.

• Volatility in cryptocurrencies remained high in the second quarter, with volatility at 48.2% for Bitcoin, 46.7% for BTC, and 12.7% for the SP 500.

Bitcoin price at the end of Q2 is $62,734

• BTC fell 11.9% at the end of the second quarter, and the impact of the fourth halving is currently minimal.

• The transfer of 140,000 BTC by Mt. Gox and the sale of seized BTC by the German government have filled the market with anxiety.

Bitcoin mining hash rate reaches new high, then begins to decline

• Hashrate peaked at 7.21 M TH/S in April and subsequently fell 18.8%, the first drop since Q2 2022.

• Despite the decline in hash rate, BitDigital, Hive, and Hut 8 are still moving into AI, and Tether has invested $500 million in mining.

MEME coin is the most popular narrative in Q2

• MEME coin accounts for 14.3% of the total crypto market share.

• Among the TOP 15 cryptocurrency narratives, 4 are related to MEME coin.

• Solana, Ethereum, Base and TON have strong ecosystems, and Solana and Base lead their competitors with 22.9% of market attention.

Ethereum experienced inflation in Q2

• A total of 107,725 ETH were destroyed, and at the same time 228,543 ETH were released, resulting in a net increase of 120,828 ETH in supply.

• Due to the network activity and lower gas fees, the Ethereum destruction rate fell by 66.7% month-on-month.

Exchange spot trading volume fell 12.2% to $3.4 trillion

• Binance remains the largest exchange with a market share of 45%.

• Bybit surged rapidly in Q2 and has surpassed Upbit to become the second largest spot exchange.

DEX trading volume reached $370.7 billion, up 15.7% month-on-month

• DEX benefited greatly from the surge and airdrop of MEME coins in Q2.

• Uniswap leads with 48% market share, Thruster (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 share.

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