CoinEx Research and ViaBTC Capital have jointly published the
2024 Crypto Annual Report, offering an in-depth
analysis of the cryptocurrency market’s remarkable growth,
volatility, and innovation throughout the year. This comprehensive
report highlights key trends across macro markets, blockchain
technology, DeFi, NFTs, and institutional adoption, providing
expert insights into the evolving landscape of digital assets.
Overview
In 2024, the cryptocurrency market experienced
significant growth and volatility. Bitcoin (BTC) and Ethereum
(ETH), as the main players in the market, both saw substantial
changes in their prices and trading volumes. Bitcoin, driven by ETF
approvals and the halving event, approached a price of $100,000,
while Ethereum, influenced by the Dencun upgrade and the
anticipated approval of ETFs, also witnessed significant
fluctuations in price and trading volume. The stablecoin market
showed a stable growth trend in 2024, with Tether (USDT) and USD
Coin (USDC) continuing to dominate, and emerging stablecoins such
as USDE and USD0 also showing growth, reflecting the market's
demand for diversified stablecoins.
Additionally, 2024 marked the Bitcoin halving,
an event with profound market implications as it significantly
reduced Bitcoin's annual inflation rate, making it even scarcer.
The halving event also brought attention to Bitcoin's Layer 2
solutions and staking mechanisms. In terms of mining, ViaBTC
achieved a significant milestone by mining the Epic Sat,
highlighting their contribution to the mining ecosystem.
This report is jointly released by CoinEx
Research and ViaBTC Capital, aiming to provide in-depth analysis
and research on the blockchain and cryptocurrency industry. The
report covers macro markets, blockchain technology, digital assets,
DeFi, NFTs, and other fields, offering users professional market
insights through tracking market trends, analyzing project white
papers and technical documents, and evaluating project teams and
development prospects.
We would like to express our gratitude to ViaBTC
for their significant contribution to the mining pool section of
this report, providing valuable insights and data that enhance our
analysis.
For more details and chart analysis, please download the
original article
Market Overview: Bitcoin and Ethereum
Lead the WayThe cryptocurrency market experienced
significant growth in 2024, with Bitcoin (BTC) and
Ethereum (ETH) at the forefront. Bitcoin, driven
by ETF approvals and the highly anticipated halving event,
approached $100,000. Ethereum’s performance was influenced by its
Dencun Upgrade and ETF-related developments, with
its price stabilizing above $3,500 by year-end.
The stablecoin market
maintained steady growth, led by Tether (USDT) and
USD Coin (USDC). Emerging stablecoins like
USDE and USD0 gained traction,
reflecting the market’s appetite for diversification. However,
MakerDAO’s transition to “Sky” saw limited growth in its stablecoin
offerings.
The total cryptocurrency market capitalization
exceeded $4 trillion in Q4 2024, reflecting
growing investor interest and participation despite market
fluctuations. Bitcoin retained dominance with a 52.34% market
share, followed by Ethereum at 11.58%.
The Halving Effect: Bitcoin’s Inflation
and Ecosystem GrowthBitcoin’s halving
event on April 19, 2024, reduced its annual inflation
rate, further enhancing its scarcity. Historically, post-halving
price surges have taken longer to materialize, with reduced growth
multiples. This halving cycle also spotlighted Bitcoin’s
Layer 2 solutions and staking mechanisms, which
aim to address scalability and utility challenges within its
ecosystem.
Emerging Layer 2 protocols are
poised to unlock new opportunities for the Bitcoin network by
improving transaction efficiency and reducing costs. Meanwhile,
decentralized staking mechanisms, led by projects like
Babylon, have begun addressing market demand for
enhanced network participation and security.
Mining Resilience and
InnovationThe Bitcoin network mined over 53,000
blocks in 2024, producing 217,771 BTC
with a total annual value of approximately $20
billion. Network hash rates surged by 51% to reach
827.89 EH/s, while miner revenue from transaction
fees peaked in April, driven by increased activity in the
Runes protocol.
Altcoin mining also saw notable
growth. Litecoin’s annual output value reached $136
million, with Dogecoin contributing significantly through
merged mining. Kaspa and Alephium
emerged as rising stars in the PoW space, showcasing exceptional
hash rate growth fueled by innovative ASIC miner launches.
The shift toward renewable energy continued,
with over 56% of Bitcoin mining energy sourced from renewables.
Regions like North America and Africa solidified their positions as
key mining hubs, leveraging policy stability and abundant
resources.
MEME Coins and Community-Driven
InnovationThe MEME coin market flourished in 2024, fueled
by strong community support and innovative narratives. Categories
such as Political MEMEs, inspired by the 2025 U.S.
election, and AI MEMEs gained traction in Q4.
Platforms like pump.fun led the charge, showcasing
MEME-driven Super DApps as a blueprint for blockchain
innovation.
AI and Blockchain: A Converging
FutureAI and blockchain integration accelerated in 2024,
with AI-driven crypto ecosystems leveraging
blockchain’s decentralized, transparent, and censorship-resistant
features. Projects in ecosystems like Solana and
Base focused on creating innovative AI agents and
application layers. The total market capitalization of AI
Agents reached $16.7 billion by Q4, signaling the sector’s
early-stage growth potential.
Institutional Adoption and TradFi
IntegrationInstitutional interest in cryptocurrencies
deepened in 2024, with Bitcoin ETFs and
Ethereum ETFs driving $35.3 billion and $2.6
billion in inflows, respectively. Tokenization of real-world assets
(RWAs), such as U.S. Treasuries, surged, with market share rising
to 26.7%. Stablecoins like USDe and
USDY bridged the gap between TradFi and DeFi,
offering innovative yield-bearing solutions.
Regulatory Landscape: Strides Toward Global
GovernanceRegulatory developments in 2024 highlighted the
evolving governance of cryptocurrencies. The U.S. approved the
first physical Bitcoin ETF, while the European Union implemented
the MiCA framework, setting new standards for
market operations. Global efforts toward regulatory
standardization, spearheaded by the G20 Summit,
emphasized collaboration and innovation.
Looking Ahead: Predictions for 2025The report
outlines key trends expected to shape 2025, including:
- Tokenization of Traditional Assets: Expanding
bridges between TradFi and DeFi.
- DeSci (Decentralized Science): Revolutionizing
research funding and peer review systems.
- AI Integration: Advancing decentralized
computing markets and token economics.
- MEME Economy: Innovating social token models
through community-driven culture.
- Layer 2 Evolution: Achieving mature
scalability with enhanced interoperability.
Technological breakthroughs, including AI
infrastructure, privacy computing, and cross-domain
applications, are anticipated to drive the next wave of
innovation.
ConclusionThe 2024 cryptocurrency market
showcased a dynamic interplay of growth, innovation, and
challenges. From Bitcoin’s halving and Layer 2 advancements to MEME
coin dominance and AI integration, the industry continues to push
boundaries. As regulatory frameworks evolve and technological
innovation accelerates, 2025 promises to be another transformative
year for the crypto ecosystem.
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange
committed to making crypto trading easier. The platform provides a
range of services, including spot and margin trading, futures,
swaps, automated market maker (AMM), and financial management
services for over 10 million users across 200+ countries and
regions.
CoinEx Research remains committed to providing in-depth analyses
and insights into the evolving cryptocurrency market, helping
investors navigate through the complexities and opportunities that
lie ahead.
To learn more about CoinEx, visit: Website | Twitter | App ｜
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Disclaimer: This content is provided by CoinEx. The statements,
views and opinions expressed in this column are solely those of the
content provider. The information provided in this press release is
not a solicitation for investment, nor is it intended as investment
advice, financial advice, or trading advice. It is strongly
recommended you practice due diligence, including consultation with
a professional financial advisor, before investing in or trading
cryptocurrency and securities. Please conduct your own research and
invest at your own risk.
Contact:Karen Hupr@coinex.com
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