The crypto files firm CoinGecko published its 2024 annual crypto industry file on January 15. The file reflected on predominant events experienced within the crypto markets closing yr and pointed out metrics, together with the industry’s entry into the fourth crypto market bull cycle, the full crypto market capitalization, web page trading volumes, DEX volumes, and BTC dominance.
The file highlighted the initiating of the fourth crypto bull cycle, which began spherical March 2024. CoinGecko mentioned the approval of the U.S.-basically basically based Bitcoin and Ether web page ETFs by the U.S. Securities and Alternate Commission in January and Would possibly well well presumably moreover, respectively. The file also highlighted the April BTC halving, which lowered mining rewards to 3.125 BTC.
The file also pointed out diverse policy adjustments that fueled the market’s momentum, especially within the direction of the closing quarter of 2024. CoinGecko explained that President Donald Trump’s presidency became as soon as a first-rate trigger for crypto’s new highs on the end of the yr, together with BTC’s new all-time excessive of over $108,000.
The file extra renowned the a couple of rate cuts initiated by the Federal Reserve since September 18. The Fed initiated 3 hobby rate cuts in 2024, with the September 18 rate slash at 50 foundation aspects and the November and December rate cuts at 25 foundation aspects each.
Coingecko file outlines market cap and BTC dominance
🚨 BREAKING 🚨
CRYPTO MARKET HAVE ADDED
$1.58 TRILLION IN 2024.THE LARGEST INFLOW SO FAR 🔥 pic.twitter.com/lTkF1GMDnX
— Ash Crypto (@Ashcryptoreal) January 1, 2025
The CoinGecko 2024 annual file published that the full crypto market capitalization doubled in 2024, reaching $3.9 trillion on the end of the yr. The file highlighted that the upward thrust became as soon as over 97% greater than 2023’s $1.09 trillion. The volume became as soon as also about Forty five% extra in Q4 when put next to Q3. The overall crypto market has since corrected, standing at $3.46 trillion on the time of publication.
The file extra mentioned that Bitcoin dominance grew in 2024, reaching 54% by the end of 2024, accounting for greater than half of the crypto market cap. The coin’s dominance has elevated this yr, reaching over 56% on the time of publication. Altcoins, together with ETH, BNB, SOL, USDT, and XRP, accounted for 11.92%, 3.02%, 2.69%, 4.07%, and 3.forty eight%, respectively.
CoinGecko confirmed that whereas BTC dominated the crypto market in 2024, it had a gradual upward thrust in Q4, simplest attaining a 0.9% upward thrust in dominance. XRP became as soon as level-headed the most primary gainer in dominance, rising by 3.5% in Q4. The file also pointed out Dogecoin’s beneficial properties in Q4, overtaking USDC to take cling of the seventh web page amongst all crypto.
The analytics web residing also published that Bitcoin outperformed plenty of the assorted sources in normal finance. In difference, BTC managed over 101% QoQ upward thrust in Q4 when put next to Q3, and fiat currencies, together with the Euro and the Jap Yen, recorded losses. BTC outperformed long-standing sources in normal markets, together with gold, inaccurate oil, and equities.
Ethereum Layer 2 process elevated by over forty eight% in Q4 2024
CoinGecko renowned that Ethereum Layer 2s recorded over forty eight% boost within the closing quarter of 2024, with Coinbase’s Nefarious accounting for forty eight.3% of the full transactions. The file extra published that the realistic day to day transactions on the end 10 Layer 2s hit over 15 million, with Nefarious attaining an realistic of seven.2 million transactions and an over 78% upward thrust from Q3. Taiko became as soon as the 2nd most titillating Layer 2 chain, accounting for over 20% of the tidal transactions.
While Ethereum dominated the Layer 2 residing, Solana outperformed the blockchain in DEX transactions. Solana DEX process elevated over 152% in Q4, accounting for over 30% of the full DEX market fragment. The blockchain accounted for over $219 billion in trading volumes in Q4, whereas Ethereum accounted for roughly $184 billion. Ethereum level-headed outperformed Solana on a yr-on-yr foundation, accounting for over 35% of all DEX volumes in 2024.
