By USA Goldmines 
2024 was a remarkable year for the crypto industry, with various innovations and Bitcoin reaching an all-time high. That’s why the 2024 CoinGecko Annual Crypto Industry Report seeks to dissect the year’s numbers, trends, and shifts. Read on to get a clear picture of the market performance.
Whether you’re new to crypto or an expert trader, this guide will help you understand the key takeaways from the crypto industry in 2024.
Bitcoin and the Market’s Explosive Growth
Bitcoin’s fourth halving and the approval of U.S. spot ETFs propelled the crypto market to new heights. Bitcoin hit a record high of $108,135 on December 17, contributing to a massive $3.91 trillion in total crypto market capitalization—a 97.7% growth year over year. By the end of Q4, Bitcoin’s dominance reached 53.6%, with Ethereum slipping to 11.8%, its lowest level since 2021.
What drove this boom? The crypto adoption happened through central banks, reducing interest rate interlinkages and shifts in macroeconomic policies, as well as Donald Trump’s re-election. Trading volumes continued to ascend at a higher rate in Q4-2024 than most other financial assets, thereby crowning Bitcoin as the king of this industry.
Ethereum and Layer 2 Ecosystems Thrive
Although Ethereum’s market cap declined, its Layer 2 scaling solutions benefitted. Daily transactions on the 10 largest Ethereum Layer 2s increased to 48.3% of the previous quarter, driven by Base, which got to 7.2 million transactions per day on average.
Also, Base, the second most popular Layer 2, constitutes 48% of the Layer 2 volume, surpassing competitors such as Arbitrum and Taiko. The Layer 2 surge highlights the growing adoption of faster blockchain solutions, increasing crypto accessibility.
AI Agents and Solana’s Rise
AI-driven assets became the surprise success story of 2024. Their market cap skyrocketed by 322.2% in Q4 alone. The emergence of decentralized AI ventures, such as GOAT on Solana and AIXBT on Base, demonstrated how AI is integrating with blockchain to form novel industries.
Solana also surpassed Ethereum in DEX trading, controlling over 30% of trades during Q4-2024. Thanks to its faster transaction speeds and lower fees, its DEX trading volume grew by 152% to $219 billion. Ethereum still leads yearly, but Solana’s rise highlights a shifting tide in the crypto industry.
7/ Solana overtook Ethereum as the dominant chain for DEX trading
• @solana‘s market share rose above 30% in Q4, growing by 152.0% with a trading volume of $219.2B.
• Ethereum’s trading volume stood at $184.3B, with its dominance ranging between 25% – 28% in Q4. It still… pic.twitter.com/1va2JxudV8— CoinGecko (@coingecko) January 15, 2025
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Centralized Exchanges Hit New Highs
CEXs also skyrocketed in Q4-2024, with a trading volume of $6.45 trillion, an 111.7% quarter-over-quarter increase. Though Binance was the largest exchange, South Korean Upbit was a giant, which grew by 314.8% because of market swings.
Conclusion
In 2024, the crypto industry proved it can grow and be sustainable through multiple methods. The CoinGecko report also defines several milestones and future developments. Right now, there are incredible innovations in the crypto industry, and it is awesome to be a part of it.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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