CoinGecko, a crypto data API, has published its much-awaited cryptocurrency report for Q2 2024. The report is full of interesting statistics about the performance of the cryptocurrency market. In Q2 of 2024, the total cryptocurrency market cap experienced a decline of 14.4%. This market cap ended at $2.43 trillion in June. This dip came after nearly reaching all-time highs in Q1. The volatility of market remained high, contrasting with the more stable S&P 500, which grew by 3.9%.
Bitcoin Price Fluctuates Between $58K and $72K, Ends Q2 at $62,734
The much anticipated fourth Bitcoin halving occurred without issues. However, it did not significantly impact Bitcoin’s price. Bitcoin fluctuated between $58,000 and $72,000. The quarter closed at $62,734 in Bitcoin price. As per CoinGecko, BTC was down 11.9% from the Q1 closing price. The trading volume also fell to a daily average of $26.6 billion. It also declined by 21.6% from Q1. Concerns over large holders like Mt. Gox and the German government moving their Bitcoin holdings contributed to market unease.
Bitcoin’s mining hash rate hit an all-time high of 721M TH/s before dropping by 18.8%. It marks the first decline since Q2 2022. Despite this, the mining sector saw significant investments and expansions. Companies such as BitDigital, Hive, Hut 8, Terawulf, and Core Scientific expanded into AI. Meanwhile, Tether announced a $500 million investment into the mining sector. On the other hand, Block finished developing its 3nm mining chip.
Apart from these interesting statistics, CoinGecko COO and co-founder, Bobby Ong has shared his views about the quarterly performance of the market. He mentioned that the crypto market entered a period of post-Bitcoin Halving consolidation amid mixed developments in Q2, with token airdrops in particular coming under scrutiny. He noted that while the outlook for the second half of 2024 is murkier, there are positive signs. These signs include the improvement in macroeconomic conditions and teams continuing to build regardless of prices.
Real World Assets (RWA) and AI Capture 35.7% of Market Attention: CoinGecko
CoinGecko has reported that memecoins were the dominant trend in Q2. These memecoins captured 14.3% of the market share. Real World Assets (RWA) and Artificial Intelligence (AI) also remained popular. RWA and AI together accounting for 35.7% of market attention.
Decentralized exchanges (DEXs) saw a 15.7% increase in spot trading volume by reaching $370.7 billion. Uniswap led the market with a 48% share. On the other hand, newcomers like Thruster and Aerodrome gained significant traction. Thruster saw volumes rise 464.4% quarter-over-quarter, ending June with a 3% market share. Aerodrome was the second-largest gainer. It has grown 297.4% ($5.9 billion) and entered the top 10 with a 3% market share.
Bolstering all these gains, Ethereum saw 120.8K ETH added to its expandable supply as emissions more than burns. The trading volumes for CEXs fell by 12.2% to reach $3.40 trillion in the spot trading.
Last but not least, Q2 2024 was characterised by extremes of volatility and breaking developments in the crypto market. Nevertheless, the total market capitalization and Bitcoin price saw a decline in Q2, according to CoinGecko statistics. Memecoins and AI also maintained their fame in the market. These assets showed the trends and what investors seem to be interested in with respect of cryptocurrency space. These latest developments, in an increasingly maturing market indicate a dynamic and rapidly evolving environment for digital assets.
