CoinGecko Q2 2024 Crypto Industry Report: Bitcoin Halving, BTC and ETH ETFs, and the Rise of Meme Coins

The past few years have marked a period of constant changes for the crypto industry. Whether we're talking about dramatic falls, crashes, scams

CoinGecko released its Q2 2024 crypto industry report, highlighting key events, market trends, and digital asset performance throughout the quarter. The report, sponsored by BingX, provides a comprehensive analysis of the crypto market, covering topics such as Bitcoin’s all-time high, the total crypto market cap, and the rise of meme coins.

Here are some of the top insights from the CoinGecko Q2 2024 crypto industry report:

Bitcoin Hit a New All-Time High in Q1 2024, Reaching $73,098 in Mid-March

Bitcoin’s price was greatly influenced by a highly anticipated event in the industry – the Bitcoin halving. The 4th Bitcoin halving cut the block reward by 50% again, with the reward now standing at 3.125 BTC.

While the cryptocurrency reached its new ATH in March, after the halving, which occurred on April 20, 2024, it dropped in price, reaching approximately $58,000. This was totally expected, as Bitcoin usually experiences a period of consolidation after a new halving, and it’s highly possible that it is still experiencing it.

Bitcoin’s trading volume was not left aside, as it declined throughout Q2 2024 until it reached a daily average of $26.6 billion. This is a 21.6% decrease compared to the previous quarter.

Another significant event that affected was the recent update that Mt Gox, a popular Bitcoin exchange, started moving part of its BTC holdings (approximately 140,000 BTC). The exchange moved the funds to its cold wallet and some unknown addresses, and the total amount of BTC shifted, reaching $9 billion. Furthermore, the German government also started selling its BTC holdings in immense stashes.

The Total Crypto Market Cap Experienced Big Changes During Q2 2024, Too

Part of its evolution came as a result of new launches and approvals for various trading products, such as BTC and ETH exchange-traded funds (ETFs).

On the other hand, the total crypto market cap was also affected by the Bitcoin halving and the consolidation period that followed, as well as various events related to the crypto industry and certain projects.

According to CoinGecko’s report, compared to Q1 2024, the total crypto market cap dropped by 14.4% ($408.8 billion) in Q2 2024, reaching $2.43 trillion by the end of June. During Q2 2024, the market cap oscillated between $2.30 trillion and $2.90 trillion, but it did not reach new all-time highs.

In the meantime, the S&P 500 did not let Q2 2024 go to waste. The investment product ended the quarter up by 3.9%. This way, the correlation between the total crypto market cap and the S&P 500 reached 0.16 in Q2, from 0.84 in Q1 2024.

A New All-Time High for Bitcoin Mining Hash Rate

As expected, the Bitcoin mining hash rate experienced an increase, reaching a new ATH (All-Time High) of 721 million TH/s on April 23, 2024. However, the mining hash rate fell by 18.8% overall in Q2 2024, thus becoming the first down quarter for Bitcoin’s hash rate since Q2 2022.

However, the pretty considerable fall of the Bitcoin mining hash rate did not scare big companies such as BitDigital, Terawulf, Core Scientific, Hive, or Hut 8. Such significant industry players started to expand into AI or at least considered it by taking the first step in developing related products or features.

Furthermore, Tether, one of the most popular crypto companies, announced a $500 million investment into the mining sector, while Block finished the development of its 3nm mining chip, thus setting new standards in the industry.

Spot Trading Volume on CEXs Was Down by 12.2%

Spot trading and centralized exchanges remain the top choices for most crypto traders, being the most accessible overall. However, as popular as they might be, the centralized exchange spot trading volume reached only $3.40 trillion, dropping 12.2% compared to Q1 2024.

The analysis was made on the top 10 centralized exchanges which, at the moment, include Binance, Bybit, Gate.io, HTX (formerly Huobi Global), OKX, Coinbase, Bitgate, MEXC, Crypto.com, and Upbit.

According to CoinGecko’s findings

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