CoinGecko released its 2024 report, covering significant events and changes in the crypto market, including the start of a new bull cycle and market capitalization growth.
New Crypto Market Cycle
The CoinGecko report highlighted the start of the fourth cryptocurrency bull cycle in March 2024. Significant events included the approval by the SEC of Bitcoin and Ether spot ETFs in January and May, as well as the Bitcoin halving in April, reducing mining rewards to 3.125 BTC. Policy changes, including Donald Trump's presidency and Federal Reserve rate cuts, also contributed to the market's momentum, setting new all-time highs for BTC.
Bitcoin Dominance and Market Cap
According to the report, the total cryptocurrency market capitalization doubled in 2024, reaching $3.9 trillion. BTC's reach expanded, achieving 54% dominance by the end of the year. Despite slow growth in Q4, BTC outperformed traditional assets in terms of returns, including gold and crude oil. XRP was the biggest gainer in dominance in Q4.
Ethereum Layer 2 Activity and DEX
CoinGecko noted over 48% growth in Ethereum Layer 2 activity in Q4 2024, with Coinbase's Base accounting for 48.3% of all transactions. Solana surpassed Ethereum in DEX transactions, increasing its market share to 30% and achieving $219 billion in trading volumes in Q4.
The CoinGecko report emphasizes significant developments in the crypto market in 2024, with a new bull cycle and strengthened Bitcoin position. Layer 2 network and DEX activity continue to rise, showcasing the industry's dynamic growth.
