CoinGecko has taken a close look at the crypto market and shared a detailed report on the first quarter of 2024.
CoinGecko, a data provider for the crypto market, released a report on what’s been happening in the market during the first quarter of 2024. The report highlighted topics such as the approval of spot Bitcoin ETFs, Bitcoin hitting an ATH, and the meme coin frenzy based on Solana.
The first headline of the report, presented as a total of 7 headlines, stated that Bitcoin grew by 68.8% to reach a peak of $73,098 in the first quarter of 2024.
Focusing on the spot Bitcoin ETF approval, CoinGecko emphasized that Grayscale remained the largest spot Bitcoin ETF as of April 2nd with a volume of $21.7 billion.
During this period, it was noted that EigenLayer’s re-staking feature reached 4.3 million ETH, and meme coins in the Solana ecosystem increased the market value by a record-breaking $8.32 billion in the top 10 market cap.
According to the report, the NFT transaction volume in the top 10 markets remained at $4.7 billion in the first quarter of 2024, with Magic Eden leading the way. In addition, the spot trading volume on centralized exchanges (CEX) reached $4.29 trillion in the first quarter of 2024, climbing to the highest level since the 4th quarter of 2021.
Consistent with the report, CoinGecko’s COO and co-founder Bobby Ong commented on the matter, saying:
Cryptocurrencies are off to a strong start in 2024 following the approval of spot Bitcoin ETFs and anticipation of Bitcoin Halving in the United States. While there are still global geopolitical and macroeconomic risks, we are optimistic that the sector will continue to innovate and offer new offerings to the market.
