Chainfeeds Introduction:
Data shows that the total market value of the entire crypto market continued to rise in the first quarter of 2024, reaching a high of $2.9 trillion on March 13. Coingecko's first quarter 2024 crypto industry report summarizes the market performance of DeFi, NFT, CEX and DEX.
Source: https://www.coingecko.com/research/publications/2024-q1-crypto-report
Core ideas:
1 ) Bitcoin surged 69% in the first quarter, driven by the approval of a spot Bitcoin ETF in the United States. Despite a pullback after the ETF was approved, BTC rebounded 85%, with an average daily trading volume of $34.1 billion, a 90% increase from the fourth quarter of 2023.
2) After the US spot Bitcoin ETF was approved by the Securities and Exchange Commission on January 10, the assets under management (AUM) reached US$55.1 billion as of April 2. Despite a net outflow of US$6.9 billion due to profit-taking and increased fees, Grayscale's GBTC ETF still maintained its lead with an AUM of US$21.7 billion.
3) In the first quarter, the total amount of heavily staked ETH on EigenLayer reached 4.3 million. 52.6% of the heavily staked Ethereum was held by liquidity re-staking protocols, of which Erherfi was the largest LRT protocol.
4) The total market value of Solana memecoins reached US$9.36 billion. BONK has been in the lead since December 2022, but its market value was surpassed by WIF in March.
5) NFT trading volume reached $4.7 billion, with Blur leading with $1.5 billion in trading volume and a market share of 28%. Magic Eden surpassed Blur in March with a trading volume of $760 million, driven by its rewards program and cooperation with Yuga Labs.
6) CEX spot trading volume reaches 4.29 trillion US dollars, and Binance continues to maintain its leading position, accounting for 50% of the market share as of March 2024.
7) Ethereum DEX trading share falls below 40%. In March 2024, Ethereum DEX trading volume share fell to a historical low.
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