BingX Sponsors CoinGecko’s 2024 Q2 Crypto Industry Report
We are proud to support the ongoing efforts of CoinGecko and their mission to publish clear insights that empower traders globally. CoinGecko has summarized the key highlights, but be sure to dig into the full 51 slides as well. View the full report here!
Top 7 Highlights of CoinGecko’s 2024 Q2 Crypto Industry Report
- Total crypto market capitalization dropped -14.4% in 2024 Q2, outperformed by the S&P 500 (+3.9%)
- Bitcoin fell -11.9% in 2024 Q2, ranging between $58k — $72k, just below its all-time high of $73k
- Bitcoin mining hash rate declined -18.8% in 2024 Q2, its first quarterly decline since 2022 Q2
- The top 15 CoinGecko categories in 2024 Q2 were Meme Coins, AI and RWA, accounting for 77.5% of web traffic
- Ethereum added 120.8K ETH to its supply, as emissions outpaced burns
- Spot trading volume on centralized exchanges (CEX) hit $3.40T in 2024 Q2, a drop of -12.2% from 2024 Q1.
- Spot trading volume on decentralized exchanges increased +15.7% to hit $370.70B, due to a surge in meme coins and airdrops.
- After nearly breaching all-time highs in 2024 Q1, the total crypto market cap returned some of those gains in Q2, dropping -14.4%, closing at $2.43 trillion in June.
- 2024 Q2 brought Bitcoin’s long-anticipated fourth halving, which went off without a hitch. Each halving ushers in what crypto natives consider a new era, though the market response to the event was largely muted. After the exuberance in Q1 following the approval of the US spot Bitcoin ETFs, Q2 proved to be pretty choppy for Bitcoin and the crypto market as a whole.
- That doesn’t mean it wasn’t an eventful quarter.
- The comprehensive 2024 Q2 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.
Bitcoin Begins To Recover Amid Heavy Pressure To Sell
Last week, the crypto markets have been recovering, specifically Bitcoin. The German government sold Bitcoin, leading to a “near-term sell-side relief,” pushing the price to $65,000, according to on-chain data from Glassnode. Cointelegraph Markets Pro and TradingView data indicate that Bitcoin’s price has surged by over 20% during the ongoing recovery, rising from a low of $56,616 on Friday, July 12, to an intraday high of $65,210 on July 16. Glassnode attributes this increase to the “complete exhaustion of the German government sell-side pressure.” The market intelligence firm notes that large entities, including miners and institutions, have historically been major sources of sell-side pressure. The recent decline in Bitcoin’s price to $53,000 is mainly attributed to anticipated repayments from the defunct Japan-based crypto exchange Mt. Gox and BTC sales by the German government.
Since July 5, Bitcoin has experienced net inflows of $1.91 billion into its US spot exchange-traded funds (ETFs). Despite this influx, its price has struggled to remain above $65,000. Meanwhile, the S&P 500 index reached a record high on July 16, and gold, recognized as the world’s largest reserve asset, traded at an all-time high on July 17. This suggests that the challenges affecting Bitcoin’s performance are not related to traditional finance markets. It is possible that buyers of spot ETFs have moved away from spot positions, either for tax reasons or to use those shares as collateral for trades in traditional finance.
Article Highlight
BingX was voted number one in Be In Crypto’s Top Most Safe Crypto Exchanges article! The prestigious outlet highlighted our withdrawal protection, insurance coverage, and fund safety. Check out the full story here.
About Me
I’m very excited to share my interview with Cointelegraph. From social trading to comprehensive educational resources, BingX aims to make crypto trading accessible and secure for everyone. Read more about that here.
Check out the exclusive Coingape interview and gain insights into the strategic partnerships driving BingX’s growth and impact in the crypto space.
Check out my commentary on the impacts of the Bitcoin halving with Coinpost here.
Interview with Yurufuwa at TOKEN2049.
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