Solana memecoins soared in the first quarter of 2024, with the top 10 market values increasing by $8.032 billion.
Source: CoinGecko
Compiled by: 1912212.eth, Foresight News
Following a strong performance in the fourth quarter of 2023, the total market value of cryptocurrencies continued to rise by 64.5% in the first quarter of 2024, reaching a high of $29 trillion on March 13.
In absolute terms, the growth in this quarter (+$1.1 trillion) was almost twice that of the previous quarter (+$0.61 trillion), mainly due to the approval of the U.S. spot Bitcoin ETF at the beginning of January, which pushed BTC to a historic high in March.
Key Highlights
- Bitcoin grew by +68.8% in the first quarter of 2024, reaching a historic high of $73,098;
- As of April 2, the assets under management (AUM) of the U.S. spot Bitcoin ETF exceeded $55.1 billion;
- Ethereum staking on EigenLayer reached 4.3 million ETH, a 36% increase for the quarter;
- Solana memecoins soared in the first quarter of 2024, with the top 10 market values increasing by $8.032 billion;
- In the first quarter of 2024, the NFT trading volume of the top ten markets reached $4.7 billion, with Magic Eden currently leading in market share;
- The spot trading volume of CEX reached $4.29 trillion in the first quarter of 2024, reaching a new high since the fourth quarter of 2021;
- As other chains gained more attention, Ethereum's share of DEX trading volume fell below 40%.
Bitcoin grew by 68.8% in the first quarter of 2024, reaching a historic high of $73,098
Bitcoin continued to rise in the first quarter of 2024, with an increase of 68.8% during this period. Following the approval of the U.S. spot Bitcoin ETF, BTC immediately experienced a 16.0% pullback to a quarterly low of $39,505. However, it then rose by +85.0%, reaching a historic high of $73,098. It then fell by 18.0% and closed the quarter at $71,247.
As for trading volume, the trading volume in the first quarter of 2024 rose to an average of $34.1 billion per day. This represents an 89.8% increase over the $18 billion in the fourth quarter of 2023.
Bitcoin ETF manages assets exceeding $55.1 billion
As of April 2, 2024, the assets held by the U.S. spot Bitcoin ETF exceeded $55.1 billion. This occurred after the U.S. SEC approved spot BTC ETF trading on January 10.
BlackRock's IBIT ETF has accumulated over $17 billion in BTC and has solidified its position as the second largest BTC ETF. In the first quarter of 2024, it also had the highest trading volume among its competitors.
Meanwhile, Grayscale's converted GBTC ETF had an AUM of $21.7 billion as of April 2. Due to early investors taking profits and higher fees compared to its competitors, the company experienced a net outflow of $6.9 billion. Nevertheless, it remained the largest BTC ETF in the first quarter.
Ethereum staking on EigenLayer reaches 4.3 million ETH, a 36% increase for the quarter
Ethereum staking activity on EigenLayer began to rise in the first quarter of 2024, with the total staked ETH increasing by 36% to reach 4.3 million.
The majority of staked ETH (52.6%) is held by the Liquid Staking Protocol (LRT), totaling 2.28 million ETH. EtherFi holds a 21.0% market share. It saw a 2,616% increase for the entire quarter, holding 910,000 ETH by the end of March.
Solana Memecoins soared in the first quarter of 2024, with the top 10 market values increasing by $8.32 billion
In the first quarter of 2024, the top 10 Solana (SOL) memecoins grew by 801.5%, or $8.32 billion. At the end of the quarter, their total market value was $9.36 billion.
Among the top 10 Solana memecoins, only Bonk and Samoyedcoin existed before the fourth quarter of 2023. BONK has been the top memecoin since its launch in December 2022, but was surpassed by Dogwifhat (WIF) in early March. WIF was launched in November 2023. Meanwhile, Book Of Memes was launched on March 14 and reached a market value of $1 billion within two days.
The trading volume of the top 10 NFT markets in the first quarter of 2024 reached $4.7 billion
In the first quarter of 2024, the trading volume of the top ten NFT markets reached $4.7 billion. Blur remained the leading NFT trading platform in the first quarter, with a trading volume exceeding $1.5 billion. Its market share during the same period was 27.6%, higher than the 24.9% in the fourth quarter of 2023. Meanwhile, due to the launch of a diamond reward program and collaboration with Yuga Labs, Magic Eden successfully surpassed Blur in trading volume in March, with a trading volume exceeding $760 million.
The spot trading volume of CEX reached $4.29 trillion in the first quarter of 2024, reaching a new high since the fourth quarter of 2021
In the first quarter of 2024, the spot trading volume of the top 10 CEX reached $4.29 trillion. This represents a 95.3% increase compared to the previous quarter. This is the highest quarterly trading volume record for the top ten spot CEX since December 2021.
As of March 2024, Binance remained the largest CEX, with a market share of 50%, and slowly regained its dominant position throughout the quarter. During the same period, the exchange significantly increased its new listings and project launches. Meanwhile, MEXC, known for providing various small-cap tokens, saw a decrease in market share as traders focused on major tokens such as BTC, ETH, and SOL.
Ethereum's share of DEX trading volume fell below 40% in the first quarter of 2024, as other chains gained more attention
In the first quarter of 2024, Ethereum's share of DEX trading volume fell below 40%. In February 2024, its market share hit a historic low of only 30%. However, despite the decrease in market share, the trading volume in March 2024 still reached a record of $70 billion, driven by the surge in overall market trading activity.
On Arbitrum, DEX trading volume flourished in January and February 2024, driven by the STIP incentive program. During the same period, its trading volume even surpassed that of Ethereum. However, once the incentive measures ended in March, the trading volume plummeted, with a market share of 8% by the end of the month.
Other chains such as Solana and Base also experienced active quarters, with memecoins contributing significant trading volume.
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