CoinGecko’s 2024 Q1 Crypto Industry Report highlights the importance of Bitcoin ETFs, Ethereum resttaking, and Solana memecoins as bullish elements in the cryptocurrency industry.
Bitcoin ETFs, which were approved in the United States on January 10, have accumulated more than $50.000 billion in assets under management. To date, these exchange-traded funds hold 836.799 BTC in custody, a figure that demonstrates the momentous impact of these funds on investor participation in the digital asset market.
According to CoinGecko, the approval of Bitcoin ETFs has led to a significant improvement in Bitcoin's reputation and an increase in interest and demand for the cryptocurrency. This, in turn, has had a major impact on the recovery of Bitcoin prices, rising by 69% in the first quarter of 2024.
Source: CoinGecko
The platform also stressed that despite a correction in Bitcoin’s price following the approval of spot ETFs, the cryptocurrency has managed to reach an average trading volume of $34.100 billion per day, marking a 90% increase over the trading volume seen in Q2023 XNUMX.
Ether resttaking is renewed with the arrival of EigenLayer
On the other hand, the emergence of a new form of participation in the Ethereum ecosystem, which promises to maximize the performance of assets locked in the chain, represents, in addition to a significant improvement for the security of the network, the expansion of the utility of ETH towards new protocols and DeFi applications.
According to the data of the report According to CoinGecko, Ethereum resttaking grew by 36% since the official launch EigenLayer, which was deployed on mainnet in mid-April. The data platform highlighted that the total number of ETH on the EigenLayer protocol reached 4,3 million in the first quarter, capturing a significant portion of the ether that was in other liquid restaging protocols.
Source: CoinGecko
In addition to Bitcoin ETFs and Ethereum resttaking, the platform also highlighted the role of memecoins on the Solana blockchain, the trading volume of NFTs on marketplace platforms like Blur, and the massive trading volume of decentralized exchanges (DEXs) as bullish factors that are driving the growth of trading activity in the crypto market.
According to the data, memecoins increased by $8.320 billion in market capitalization, thanks to the frenzy that assets like BONK and BOME sparked in investors. Likewise, non-fungible tokens saw more than $4.700 billion in trading volume, led by Blur, which maintains a 28% market share in the NFT space. Finally, regarding DeFi DEXs, CoinGecko highlighted that the volume traded by these decentralized platforms in the first quarter of 2024 far exceeded the quarterly volume traded by the top 10 spot CEXs since December 2021.
All of these factors are highlighted in CoinGecko's quarterly report among the main current trends in the cryptocurrency industry.
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