CoinGecko closely examined the cryptocurrency market and shared a detailed report for the first quarter of 2024.
CoinGecko, the data provider for the cryptocurrency market, has released a report for the first quarter of 2024. The report highlights the approval of spot Bitcoin ETFs, Bitcoin hitting an ATH, and the meme coin frenzy based on Solana.
Presented as 7 headlines in total, the first position in the report was the 68.8% growth of Bitcoin, reaching a peak of $73,098 in the first quarter of 2024.
Focusing on the approval of spot Bitcoin ETF, CoinGecko emphasized that Grayscale remains the largest spot Bitcoin ETF with a volume of $21.7 billion as of April 2.
During this period, it was noted that EigenLayer reached 4.3 million ETH through its re-staking feature, and the market value of meme coins in the Solana ecosystem increased by $8.32 billion, breaking the all-time market value of the top 10.
According to the report, the NFT transaction volume in the top 10 markets remained at $4.7 billion in the first quarter of 2024, led by Magic Eden. Additionally, the spot transaction volume on centralized exchanges (CEX) reached $4.29 trillion in the first quarter of 2024, hitting its highest level since the fourth quarter of 2021.
Commenting on the subject in parallel with the report, CoinGecko COO and co-founder Bobby Ong said he is optimistic about the market’s outlook:
Cryptocurrencies are off to a strong start in 2024 following the approval of spot Bitcoin ETFs in the US and the expectation of Bitcoin Halving. While global geopolitical and macroeconomic risks still exist, we are optimistic that the sector will continue to innovate and offer new offerings to the market.
