Crypto Market Cap Skyrockets 64.5% In Q1, Spot Trading Hits Multi-Year Highs
Portfolio Pulse from Murtuza Merchant
In Q1 2024, the crypto market cap surged 64.5% to $2.9 trillion, with trading volumes on top centralized exchanges hitting $4.29 trillion, the highest since Q4 2021. Bitcoin reached a new all-time high of $73,098, and spot Bitcoin ETFs saw significant growth. Ethereum and DeFi also experienced notable activity, with restaked ETH volumes increasing by 36%. Binance dominated the CEX market with a 50% share, while DEXs saw diversification with emerging chains like Arbitrum gaining traction.
April 19, 2024 | 4:09 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Bitcoin reached a new all-time high of $73,098 in Q1 2024, following the SEC's approval of spot Bitcoin ETFs, ending the quarter at $71,247 with a significant increase in trading volumes.
The SEC's approval of spot Bitcoin ETFs and the subsequent rally to a new all-time high, coupled with a significant increase in trading volumes, indicate a strong positive impact on Bitcoin's price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Ethereum saw increased activity in Q1 2024, especially in restaking on platforms like EigenLayer, with restaked ETH volumes growing by 36% to 4.3 million ETH.
The growth in restaked ETH volumes, particularly through Liquid Restaking Protocols, suggests increased investor interest in Ethereum, potentially driving its price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Solana saw increased popularity with meme coins, contributing to shifts in trading focus and market dynamics in Q1 2024.
The shift in trading focus towards major cryptocurrencies and meme coins on the Solana blockchain indicates a growing interest in Solana, which could positively impact its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70