Summary
TLDR: The crypto market saw a surge in the first quarter of 2024, with altcoins like Solana and Maker outperforming Bitcoin. Ethereum’s layer-2 networks flourished, and meme coins had a significant impact on Solana’s performance. NFT sector saw a recovery, challenging Ethereum’s dominance. Centralized exchange trading volume hit a record high, while DEXs saw Ethereum’s share decline. Investors are advised to verify facts independently before making decisions.
Key Points
1. The crypto market saw a significant surge in the first quarter of 2024, with the total market capitalization increasing by 64.5%. Some altcoins, such as Solana and Maker, outperformed Bitcoin during this period.
2. The approval of US spot Bitcoin exchange-traded funds (ETFs) in January led to a market boost, with these ETFs accumulating over $55 billion in assets under management by April. Despite this, Bitcoin’s price gains were only at 69%, while altcoins like Solana and Maker saw gains of 100% and 132% respectively.
3. Ethereum experienced moderate price increases in comparison to Solana, with its layer-2 networks thriving due to gas fee reductions. Additionally, Ethereum’s restaking sector saw significant growth in Q1 2024, with EtherFi being the most prominent Liquid Restaking Protocol with a 21% market share and a growth of 2,616%.