CoinGecko takes a close look at the cryptocurrency market and shares a detailed report for the first quarter of 2024.
CoinGecko, the data provider for the cryptocurrency market, has released a report regarding what has been happening during the first quarter of 2024. The report highlights topics such as the approval of spot Bitcoin ETFs, Bitcoin reaching an all-time high (ATH), and the meme coin frenzy based on Solana.
Presented as a total of 7 headlines, the report starts with Bitcoin’s growth of 68.8% to a peak of $73,098 in the first quarter of 2024.
Focusing on the approval of spot Bitcoin ETFs, CoinGecko emphasizes that Grayscale’s spot Bitcoin ETF remains the largest with a volume of $21.7 billion as of April 2.
During this period, it is noted that EigenLayer’s re-staking feature reached 4.3 million ETH and the meme coins in the Solana ecosystem significantly increased the market value of the top 10 by $8.32 billion.
According to the report, the NFT trading volume in the top 10 markets remained at $4.7 billion in the first quarter of 2024, with Magic Eden leading the way. Additionally, the spot trading volume on centralized exchanges (CEX) reached $4.29 trillion in the first quarter of 2024, climbing to its highest level since the fourth quarter of 2021.
Parallel to the report, CoinGecko’s COO and co-founder Bobby Ong commented on the situation and expressed optimism about the market’s direction:
“Cryptocurrencies are off to a strong start in 2024 following the approval of spot Bitcoin ETFs in the U.S. and expectations for 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.”
