2024 Crypto Market Q2 Report: The total market value fell by 14.4%, MEME currency is the most popular

Compiled by: 1912212.eth, Foresight News

After nearly breaking all-time highs in the first quarter of 2024, the total cryptocurrency market capitalization gave up some of its gains in the second quarter, falling 14.4% to close in June at $2.43 trillion.

Q2 total cryptocurrency market cap fell 14.4%

• As of Q2 2024, the crypto market has a market cap of $2.43 trillion, lagging the S&P 500’s 3.9% gain.
• Cryptocurrency volatility remained high in the second quarter, with volatility at 48.2%, BTC at 46.7%, and the S&P 500 at 12.7%.

Bitcoin price at the end of Q2 is $62,734

• BTC fell 11.9% at the end of the second quarter, and the impact of the fourth halving is currently minimal.
• The transfer of 140,000 BTC from Mentougou and the seizure of BTC sold by the German government have filled the market with unease.

Bitcoin Mining Hashrate Hits New Highs, Then Starts to Decline

• Hashrate peaked at 7.21M TH/S in April before declining by 18.8% for the first time since Q2 2022 decline.
• Despite hashrate decline, BitDigital, Hive and Hut 8 are moving into AI, with Tether investing $500 million in mining.

MEME coin is the most popular narrative in Q2

• MEME coin holds 14.3% of the total crypto market share.
• 4 of the TOP 15 cryptocurrency narratives are related to MEME coin.
• Solana, Ethereum, Base and TON have strong ecosystems. Solana and Base lead their opponents with 22.9% market attention.

Ethereum experienced inflation in Q2

• A total of 107,725 ETH was destroyed, and 228,543 ETH were released at the same time, resulting in a net increase in supply of 120,828 ETH.
• Due to lower network activity and lower gas fees, the Ethereum destruction rate dropped by 66.7% month-on-month.

Exchange spot trading volume fell 12.2% to $3.4 trillion

• Binance remains the largest exchange with 45% market share.
• Bybit surged rapidly in Q2 and has surpassed Upbit to become the second largest spot exchange.

DEX trading volume reached $370.7 billion, an increase of 15.7% month-on-month

• DEX benefited a lot from the surge in MEME coins and airdrops in Q2.
• Uniswap leads with 48% market share, Thruster (the DEX on Blast) volume surged 464% to $6 billion, and Aerodrome grew 294.7% to $5.9 billion, each holding 3% market share.

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