Following the highs of 2024’s first quarter (Q1), the crypto market confronted a retrace for the length of the second (Q2). Despite this, Memecoins has remained the reigning champion of the market for the final three months.
Total Crypto Market Cap Falls 14% In Q2
On Tuesday, CoinGecko launched its 2024 Q2 Crypto Industry Record. In the memoir, the crypto tracking internet sites published that the total market capitalization declined final quarter.
The total crypto market cap dropped 14.4%, $408.8 billion, in the final three months. The crypto market closed Q2 with a market cap of $2.43 trillion, unable to ticket contemporary all-time highs (ATH).
Comparatively, the total crypto market cap reached $2.9 trillion in March. All the plot thru Q1, the market soared 64.5%, doubling Q3 2024’s growth.
In absolute terms, the growth of this quarter (+$1.1 trillion) used to be nearly double that of the previous quarter (+$0.61 trillion). This used to be largely pushed by the approval of US situation Bitcoin ETFs in early January, sending BTC to a recent all-time excessive in March.
Furthermore, CoinGecko highlighted that the crypto market cap used to be outperformed by the S&P 500, which registered a 3.9% amplify. This capability that, the correlation between the total crypto market cap and the S&P 500 plummeted from 0.84 in Q1 to 0.16 in Q2.
In Q2, crypto volatility remained excessive, with an annualized volatility of 48.2% for the total crypto market cap. Meanwhile, Bitcoin (BTC) and the S&P 500 seen 48.2% and 12.7% volatility.
Memecoins Proceed Leading The Market
Despite the market retrace, Memecoins live the most authorized fable in Q2. In accordance with CoinGecko’s categories internet tracking, the sphere dominated the chart with a 14.3% market fragment.
Closing quarter, Memecoins emerged because the most authorized and successful fable. The field delivered large returns in the first quarter of 2024, with an sensible return of 1,313% real thru the head tokens.
Tokens be pleased Dogwifhat (WIF) and E book Of Meme (BOME) became market sensations, fueling the memecoin frenzy. These tokens had over 2,000% and 1,000% returns.
This quarter, the market seen a Superstar memecoin frenzy. Public figures be pleased Iggy Azalea, Caitlyn Jenner, and Andrew Tate joined the commerce amid controversial launches, hacks, and scam allegations.
Furthermore, the PolitiFi memecoins surged in recognition. Closing week, these tokens outperformed most categories in the crypto market following Donald Trump’s failed assassination try.
4 out of the head 15 most popular narratives were memecoin-associated, with Solana and Scandalous memecoins registering an 8.44% and 4.61% fragment. Meanwhile, cat-themed tokens overpowered Q1’s reigning champions in the sphere, Dogs-impressed tokens.
This quarter, the feline-impressed tokens made it to the head 15. The class ran remarkably this cycle, with tokens be pleased Cat in a Canines World (MEW) and Popcat (POPCAT) surging over 200%.
In the same fashion to Q1, Proper World Assets (RWA) and Synthetic intelligence (AI) were the second and third most popular sectors. RWA registered an 11.3% market fragment, whereas IA tokens seen a 10.9% fragment of market consideration.
