CoinGecko took a close look at the cryptocurrency market and shared a detailed report on the first quarter of 2024.
CoinGecko, the data provider for the cryptocurrency market, released a report on what was happening in the market during the first quarter of 2024. The report highlighted topics such as the approval of spot Bitcoin ETFs, Bitcoin reaching an all-time high (ATH), and the meme coin frenzy based on Solana.
The report, presented in a total of 7 headlines, led with Bitcoin growing by 68.8% in the first quarter of 2024, reaching a peak of $73,098.
Focusing on the approval of spot Bitcoin ETF, CoinGecko emphasized that Grayscale’s spot Bitcoin ETF remained the largest as of April 2, with a volume of $21.7 billion.
During this period, it was noted that EigenLayer reached 4.3 million ETH through its re-staking feature, and meme coins in the Solana ecosystem increased the market value of the top 10 meme coins by $8.32 billion, breaking a record.
According to the report, the transaction volume of NFTs in the top 10 markets in the first quarter of 2024 hovered around $4.7 billion, with Magic Eden leading the way. In addition, the spot transaction 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.
CoinGecko’s COO and co-founder Bobby Ong also made a statement parallel to the report, saying that he is optimistic about the direction of the market:
Cryptocurrencies are off to a strong start in 2024 following the approval of spot Bitcoin ETFs in the US and expectations for Bitcoin Halving. 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.
