Top 10 Charts Highlight Significant Trends in Crypto for H1 2024

The
first
half
of
2024
has
been
a
remarkable
period
for
the
cryptocurrency
market,
marked
by
substantial
growth
and
significant
developments.
According
to
Binance
Research,
the
total
crypto
market
capitalization
has
surged
by
approximately
44%
year-to-date,
adding
over
$720
billion.
On
a
year-on-year
basis,
the
market
cap
has
increased
by
more
than
104%,
which
equates
to
an
addition
of
over
$1.2
trillion
since
July
of
the
previous
year.

Bitcoin’s
Dominance
and
Market
Performance

Bitcoin
(BTC)
has
had
an
eventful
year,
driven
by
the
approval
of
the
U.S.
spot
ETF
in
January,
the
fourth
Halving
event,
and
the
launch
of
Runes
in
April.
This
has
led
to
increased
activity
in
Bitcoin’s
scalability
and
decentralized
finance
(DeFi)
sectors.
Consequently,
Bitcoin’s
market
dominance
has
grown
from
around
50%
to
over
55%
this
year.

In
comparison
to
traditional
financial
investments,
Bitcoin
and
Ethereum
(ETH)
have
outperformed
notable
stocks
such
as
Alphabet,
Amazon,
and
Apple.
While
major
stock
indices
like
the
Hang
Seng
Index
and
FTSE
100
have
shown
single-digit
returns,
Bitcoin
and
Ether
have
significantly
led
the
way
in
terms
of
performance.

ETFs
and
Stablecoin
Supply

The
introduction
of
U.S.
spot
Bitcoin
ETFs
has
been
exceptionally
well-received,
attracting
over
$17
billion
in
net
inflows
and
averaging
$2.5
billion
in
daily
trading
volume.
The
recent
launch
of
U.S.
spot
Ether
ETFs
has
further
boosted
the
industry,
adding
legitimacy
from
a
traditional
finance
perspective.

Stablecoin
supply,
an
indicator
of
potential
buying
pressure,
has
reached
its
highest
level
since
May
2022,
standing
at
approximately
$165
billion.
This
figure
is
fast
approaching
the
all-time
high
of
around
$188
billion.

Ethereum’s
Restaking
and
Solana’s
DEX
Activity

Restaking
has
emerged
as
a
dominant
narrative
for
Ethereum
in
2024,
attracting
over
$18
billion
in
Total
Value
Locked
(TVL).
While
EigenLayer
leads
this
space,
new
competitors
like
Karak
and
Symbiotic
are
also
making
their
mark.

Solana’s
decentralized
exchange
(DEX)
activity
has
reached
new
all-time
highs,
both
in
terms
of
volume
and
weekly
traders.
The
chain’s
popularity,
driven
by
memecoins
and
its
relatively
low
fees,
has
significantly
contributed
to
this
surge.

Rise
of
Prediction
Markets
and
Tether’s
Dominance

Prediction
markets
have
experienced
a
212%
increase
in
TVL
since
the
beginning
of
the
year,
surpassing
$108
million
for
the
first
time.
Polymarket
has
been
particularly
dominant,
controlling
about
75%
of
the
market
and
seeing
a
500%
increase
in
monthly
volume
from
January
to
July.

Tether
remains
a
leader
in
the
stablecoin
space,
benefiting
from
the
high-interest-rate
environment
and
increased
adoption.
The
company
has
become
more
profitable
than
major
Wall
Street
investment
banks
like
Morgan
Stanley
and
Goldman
Sachs.

NFT
Market
and
Memecoin
Performance

The
NFT
market
has
seen
a
downturn,
with
sales
volumes
down
over
70%
since
their
peak
in
2021.
Profile-picture
NFTs
(PFPs)
have
been
particularly
affected,
with
even
CryptoPunks
experiencing
a
more
than
50%
decline
in
floor
price
this
year.
However,
Pudgy
Penguins
has
made
some
headway
with
the
success
of
their
physical
plush
toys
and
upcoming
consumer-focused
Layer
2
solution,
Abstract.

Memecoins
have
been
the
best-performing
segment
this
year,
delivering
returns
of
over
280%.
The
appeal
of
memecoins
is
partly
due
to
their
structure,
where
100%
of
tokens
are
commonly
unlocked
and
circulating,
with
minimal
venture
capital
involvement.
This
has
increased
their
attractiveness
as
awareness
of
significant
token
unlocks
grows.

For
detailed
insights
and
a
comprehensive
review
of
the
top
10
charts
from
H1
2024,
refer
to
the
full
report
by

Binance
Research.

Image
source:
Shutterstock