Solana memecoins surged in Q1 2024, with the top 10 gaining $8.032 billion in market cap.
Source: CoinGecko
The total cryptocurrency market capitalization rose 64.5% in Q1 2024, peaking at $2.9 trillion** on March 13. This growth (+$1.1 trillion) nearly doubled Q4 2023’s performance (+$0.61 trillion), fueled by the U.S. Bitcoin ETF approval** in January, which propelled BTC to a new all-time high.
Key Highlights
- Bitcoin surged 68.8%, reaching a record $73,098.
- U.S. Bitcoin ETFs surpassed $55.1 billion in AUM by April 2.
- EigenLayer restaking hit 4.3 million ETH, up 36% quarterly.
- Top 10 Solana memecoins added $8.032 billion in market cap.
- NFT markets saw $4.7 billion in Q1 trading volume, led by Magic Eden.
- CEX spot trading volume hit $4.29 trillion, the highest since Q4 2021.
- Ethereum’s DEX share dropped below 40% as rival chains gained traction.
Sector Breakdown
1. Bitcoin’s Record-Breaking Rally
Bitcoin gained 68.8% in Q1, peaking at $73,098** before settling at **$71,247. Daily trading volume averaged $34.1 billion—an 89.8% increase from Q4 2023.
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2. Bitcoin ETF Dominance
U.S. spot Bitcoin ETFs held $55.1 billion by April 2:
- BlackRock’s IBIT: $17 billion AUM, leading in trading volume.
- Grayscale’s GBTC: $21.7 billion AUM despite $6.9 billion outflows.
3. Ethereum Restaking on EigenLayer
Restaked ETH grew 36% to 4.3 million, with 52.6% held by Liquid Restaking Tokens (LRTs). EtherFi led with a 2,616% quarterly surge, securing 910K ETH.
4. Solana Memecoin Mania
Top 10 Solana memecoins soared 801.5% (+$8.32 billion**), ending Q1 at **$9.36 billion total cap. Dogwifhat (WIF) overtook BONK in March, while Book of Memes hit $1 billion in days.
5. NFT Market Shift
- Blur: $1.5 billion volume (27.6% market share).
- Magic Eden: Overtook Blur in March ($760 million) via rewards and Yuga Labs partnerships.
6. CEX Trading Volume Revival
Top 10 CEXs hit $4.29 trillion in spot trading—95.3% higher than Q4 2023. Binance reclaimed 50% dominance, while MEXC lost ground as traders focused on BTC/ETH/SOL.
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7. Ethereum’s DEX Share Decline
Ethereum’s DEX share dipped below 40%, hitting 30% in February. Yet, March volume hit $70 billion amid broader market activity.
FAQs
Q: What drove Bitcoin’s Q1 2024 price surge?
A: Primarily the U.S. ETF approval, which institutionalized demand and fueled a 68.8% rally.
Q: Which Solana memecoin performed best?
A: Dogwifhat (WIF), launched in November 2023, overtook BONK with a 10x+ rally.
Q: Are NFT markets recovering?
A: Yes—$4.7 billion in Q1 volume signals renewed interest, with Magic Eden leading in March.
Q: Why did Ethereum’s DEX share drop?
A: Competing L1s (e.g., Solana, BSC) gained traction, though Ethereum’s absolute volume grew.
Data accurate as of April 2, 2024. Trends suggest continued volatility amid macroeconomic shifts.