As a seasoned financial analyst with over a decade of experience in the crypto market, I have witnessed its ups and downs, its booms and crashes. The recent half-year report from Binance, one of the leading crypto exchange platforms, sheds light on some intriguing trends that have shaped the market in 2024.
As a crypto investor, I’m excited to share that Binance, one of the leading crypto exchange platforms, has recently unveiled its interim report for the first half of 2024. This enlightening document offers valuable insights into the current market scenario. Notably, it revealed that the total crypto market capitalization has experienced a significant surge of 37.3% year-to-date, reaching an impressive figure of around $2.27 trillion.
The initial three months brought about a robust expansion of more than 60%, accounting for over half of the total growth, due to a significant surge in market capitalization. Nevertheless, the ensuing quarter encountered obstacles, causing a reversal of some gains and a decrease of 14.3%.
Layer 1 and Layer 2 Developments
In the first layer of cryptocurrency protocols, there has been significant progress in the year 2024. Bitcoin, in particular, has maintained its leading position within the market. Binance identifies several reasons behind this success. Among these factors are:
From my perspective as a crypto investor, the Ethereum network has experienced noteworthy progress with the surge of staking and the implementation of EIP-4844. Simultaneously, Binance Smart Chain, represented by its native token BNB, has been actively working on projects such as opBNB and Greenfield.
As a crypto investor, I’ve noticed that Solana highlighted its emphasis on meme coins during the first half of 2024. The exchange introduced “blinks,” which are blockchain links, to facilitate this focus. Meme coins like Dogwifhat (WIF) and BONK experienced remarkable growth, soaring by thousands of percent.
The report indicates that the Layer 2 segment has experienced significant activity as well. This surge can be attributed mainly to the allure of airdrops, particularly for zero-knowledge (zk) initiatives. Notably, this trend has resulted in substantial financial inflows, boosting the total value locked (TVL) in L2s by approximately 90% to reach a remarkable $43 billion.
DeFi and Stablecoins Market
Based on Binance’s findings, the total value locked (TVL) in Decentralized Finance (DeFi) has grown by 72.8% this year, reaching a staggering $94.1 billion from the initial $54.4 billion as of January’s start.
Over the past few weeks, the stablecoins sector has experienced a significant rebound. As of June 30, its total value reached an impressive $161 billion, representing a two-year high. This is only 14.5% shy of the April 2022 peak before the TerraUSD (UST) collapse. Tether’s USDT still holds the largest market share at $112.9 billion, but Circle’s USDC and Ethereum’s USDe have made substantial gains in market presence.
The beginning of this year wasn’t favorable to the NFT market as it grappled with decreasing sales and falling bottom prices. On the other hand, Web3 gaming experienced a decrease in token market value but continued to register robust user expansion. Notably, projects such as Pixels and Hamster Kombat managed to draw players through token giveaways (airdrops).
As a seasoned observer of the cryptocurrency market and a long-term user of Binance, I’m thrilled to see this esteemed platform reaching its seven-year milestone. I can still recall the early days when Binance was just starting out, and I’ve witnessed its incredible growth into one of the leading exchanges in the industry.
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2024-07-16 17:03