2024 Q1 Crypto Industry Report

After a strong 2023 Q4, the total crypto market cap continued rallying by +64.5% in 2024 Q1, reaching a high of $2.9 trillion on March 13. 

In absolute terms, the growth of this quarter (+$1.1 trillion) was almost double that of the previous quarter (+$0.61 trillion). This was largely driven by the approval of US spot Bitcoin ETFs in early January, sending BTC to a new all-time high in March. 

Our comprehensive 2024 Q1 Crypto Industry Report covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, deep diving into the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, and reviewing how centralized exchanges (CEX) and decentralized exchanges (DEX) have performed.

We’ve summarized the key highlights, but be sure to dig into the full 50 slides below.

Top 7 Highlights of CoinGecko’s 2024 Q1 Crypto Industry Report

1. Bitcoin grew +68.8% in 2024 Q1, setting a new all-time high of $73,098

2. By April 2, US Spot Bitcoin ETFs held over $55.1B in assets under management (AUM)

3. Ethereum restaking on EigenLayer hit 4.3M ETH, a quarterly growth of 36%

4. Solana memecoins surged in 2024 Q1, with the top 10 growing by $8.32B in market cap

5. NFT trading volume across the top 10 marketplaces stood at $4.7B in 2024 Q1, with Magic Eden now leading in market share

6. Spot trading volume on centralized exchanges (CEX) hit $4.29T in 2024 Q1, the highest since 2021 Q4

7. Ethereum’s share of decentralized exchanges (DEX) trading volume fell below 40%, as other chains gained more attention

1. Bitcoin Grew +68.8% in 2024 Q1, Setting an All-time High of $73,098

Bitcoin (BTC) continued rallying in 2024 Q1, rising +68.8% during that period. 

Immediately after the US Spot Bitcoin ETF approvals, BTC saw a -16.0% correction to a quarterly low of $39,505. However, it then rallied +85.0% to hit a new all-time high of $73,098. It then pulled back -18.0%, before recovering to close the quarter at $71,247. 

As for trading volume, it climbed throughout 2024 Q1 to a daily average of $34.1 billion. This represents an +89.8% increase from $18.0 billion in 2023 Q4.

2. Bitcoin ETFs Held Over $55.1B in Assets Under Management (AUM)

US Spot Bitcoin (BTC) ETFs held over $55.1 billion in funds by April 2, 2024. This comes after the US Securities and Exchange Commission (SEC) approved the trading of Spot BTC ETFs on January 10.

BlackRock’s IBIT ETF has accumulated over $17.0 billion in BTC, and cemented itself as the second-largest BTC ETF. It also had the most trading volume amongst its competitors in 2024 Q1. 

Meanwhile, Grayscale’s converted GBTC ETF, ended April 2 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 BTC ETF in Q1.

3. Ethereum Restaking on EigenLayer Hit 4.3M, Quarterly Growth of 36%

Ethereum (ETH) restaking on EigenLayer took off in 2024 Q1, with the total number of restaked ETH rising +36% to 4.3 million.

Most restaked ETH (52.6%) were held by Liquid Restaking Protocols (LRTs), totaling 2.28 million ETH. EtherFi was the largest LRT protocol of Q1, with a 21.0% market share. It grew +2,616% throughout the quarter, and held 0.91 million ETH by the end of March.

4. Solana Memecoins Surged in 2024 Q1, With The Top 10 Growing by $8.32B in Market Cap

The top 10 Solana (SOL) memecoins grew by +801.5% or $8.32 billion in 2024 Q1. They ended the quarter with a total market cap of $9.36 billion. 

Of the top 10 Solana memecoins, only Bonk (BONK) and Samoyedcoin (SAMO) existed prior to 2023 Q4. BONK, the number one memecoin on Solana since its launch in December 2022, was flipped by dogwifhat (WIF) in early March. WIF was launched in November 2023. Meanwhile, Book Of Memes (BOME) launched on March 14, reaching a $1 billion market cap within two days.

5. NFT Trading Volume Across The Top 10 Marketplaces Stood at $4.7B in 2024 Q1, With Magic Eden Gaining Market Share

NFT trading volumes across the top 10 marketplaces amounted to $4.7 billion in 2024 Q1. 

Blur remained the leading NFT marketplace in Q1, with over $1.5 billion in volume. Its market share stood at 27.6% for the same period, up from 24.9% in 2023 Q4. Meanwhile, Magic Eden managed to surpass Blur in trading volume in March, due to its introduction of its Diamond reward program, and its Ethereum-based marketplace with Yuga Labs. It had over $0.76 billion in trading volume in March. 

OKX, which dominated Bitcoin NFT trading volume in 2023, saw its volumes plunge by -73.3% from $0.68 billion in December 2023 to $0.18 billion in March 2024. Bitcoin NFT trading volume shifted to other platforms such as Magic Eden, and UniSat. OKX market share stood at 9.5% in March 2024.

6. Spot Trading Volume on Centralized Exchanges Hit $4.29T in 2024 Q1, Highest Since 2021 Q4

In 2024 Q1, the top 10 centralized exchanges (CEX’s) recorded $4.29 trillion in spot trading volume. This represents a gain of +95.3% quarter-on-quarter (QoQ). This is the highest recorded quarterly volume for top 10 spot CEXes since December 2021.

Binance remained the largest CEX, ending March 2024 with a market share of 50%, having slowly regained its dominance throughout the quarter. During the same period, there was a noticeable increase in new listings and project launches 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 BTC, ETH, and SOL. 

7. Ethereum’s share of DEX trading volume fell below 40%, as other chains gained more attention

Ethereum’s share of Decentralized Exchange (DEX) trading volume fell below 40% in 2024 Q1. It hit an all-time low of just 30% market share in February 2024. However, despite its decline in market share, it managed to record $70 billion in trades in March 2024, bolstered by a market-wide surge in trading activity.

On Arbitrum, DEX trading volume flourished in January and February 2024, driven by its STIP incentive program to bolster activity. It even managed to outpace Ethereum trading volume during the same period. However, once incentives ended in March, trading volume plummeted, with the chain ending the month with an 8% market share. 

Other chains such as Solana, and Base also had a active quarter, with memecoins contributing to significant trading volume.

Read the Report: CoinGecko’s 2024 Q1 Crypto Industry Report

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