Global crypto exchange CoinEx, through CoinEx Research, has collaborated with ViaBTC Capital to release their comprehensive 2024 crypto industry report. The report provides an in-depth analysis of blockchain and digital asset markets, covering macroeconomic trends, blockchain technology, decentralized finance (DeFi), non-fungible tokens (NFTs), and other key sectors.
Bitcoin and Ethereum’s Performance in 2024
According to the report, the crypto market experienced significant growth in 2024, driven by its two leading assets: Bitcoin (BTC) and Ethereum (ETH). Bitcoin’s growth was largely attributed to the approval of Bitcoin-based exchange-traded funds (ETFs) and the much-anticipated halving event.
The Bitcoin halving, which took place on April 19, 2024, reduced the asset’s annual inflation rate and increased its scarcity. Interestingly, the report notes that Bitcoin’s rise was not solely due to the halving but also the emergence of Layer-2 solutions and decentralized staking mechanisms, such as the Babylon project, which addressed scalability and usability challenges.
For Ethereum, the Dencun Upgrade and developments related to Ethereum-based ETFs boosted its performance. The growth of both assets pushed the crypto market capitalization past $4 trillion by Q4 2024.
The Meme Coin Frenzy of 2024
Meme coins, or “joke tokens,” were another major highlight of 2024. These coins experienced unprecedented growth, fueled by strong community support, innovative narratives, and dedicated platforms.
One standout platform was Pump.fun, a meme coin launchpad on the Solana blockchain, which served as a blueprint for blockchain innovation. Many new meme coins emerged, inspired by political themes such as the 2024 U.S. Presidential Election and AI-driven memes.
AI and Mining Trends in 2024
AI emerged as one of the most exciting narratives of 2024, with the rise of AI Agent tokens driving significant hype. Blockchain ecosystems, such as Solana and Base, began focusing on AI Agent applications and integrations.
In Bitcoin mining, miners successfully mined over 53,000 blocks in 2024, generating 217,771 BTC worth approximately $20 billion. The network’s hash rate surged by 51%, reaching an all-time high of 827.89 EH/s.
Altcoin miners, particularly those mining Litecoin and Dogecoin through merged mining, also reported significant output. The mining industry’s shift towards renewable energy was notable, with 56% of Bitcoin mining now powered by sustainable energy sources.
Institutional Adoption and Regulatory Progress in 2024
Institutional adoption saw a significant boost in 2024, with Bitcoin and Ethereum ETFs attracting $35.3 billion and $2.6 billion in inflows, respectively. The trend of tokenizing real-world assets (RWA) grew by 26.7%, supported by stablecoins like USDe and USDY, which bridged the gap between traditional finance (TradFi) and DeFi.
On the regulatory front, the U.S. approved its first physical Bitcoin ETF, while the European Union implemented the MiCA framework, establishing new operational standards for crypto markets.
Predictions for 2025
Looking ahead, CoinEx Research and ViaBTC Capital predict that tokenized RWAs and meme coins will remain dominant narratives in 2025. Tokenization will further integrate TradFi and DeFi, while meme coins will evolve beyond being mere “jokes,” thanks to innovative social token models and vibrant community cultures.
Emerging trends such as decentralized science (DeSci) are also expected to gain traction, revolutionizing research funding and peer review systems. Additionally, advancements in Layer-2 scaling solutions and AI integration are poised to drive further innovation in the crypto space.
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