The post Binance Research Releases Half-Year Report Highlighting Crypto Market’s Trajectory appeared on BitcoinEthereumNews.com.

Halfway through 2024, total crypto market capitalization maintained its ascent, reaching over $2.27T, reflecting a 37.3% gain year-to-date, after a robust 2023. Gains were concentrated in the first three months of the year, when they increased by a substantial 60.2%. The cryptocurrency market lost some of its gains and sank 14.3% in the second quarter, making it comparatively more difficult. Since the fourth Bitcoin Halving, the Runes Protocol went live, and the U.S. spot ETFs were approved, Layer-1s (“L1s”) have been having a good start to the year. Bitcoin has continued to acquire market dominance, and the inflows into the cryptocurrency market have exceeded $14 billion. Solana flourished in the memecoin sector and introduced blockchain links (blinks), BNB Chain persisted in developing opBNB and Greenfield, and Ethereum had a restaking surge and the EIP-4844 upgrade. In the Layer-2 (“L2”) community, airdrops have become commonplace in the first half of 2024, particularly for zero knowledge (“zk”) initiatives. Total value locked in L2s now stands at $43 billion, thanks to massive inflows of money attracted by incentive promises. Total value locked (“TVL”) increased by 90% in just the first half of the year. Total value locked (“TVL”) has increased by 72.8% year-to-date (“YTD”) to US$94.1B from US$54.4B at the beginning of 2024 because of the large infusion of funds into Decentralized Finance (DeFi). As a result of this enhancement, protocols are emerging that provide on-chain access to financial primitives that were previously unavailable, benefiting almost every DeFi industry spanning both large and specialized markets. After a severe slump, the stablecoin market has just turned around, and we are now just 14.5% short of the highs reached in April 2022, immediately before the downfall of TerraUSD (UST). The market capitalization of stablecoins reached a two-year high of $161 billion on June 30, 2024. Although USDT from Tether is…

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Filed under: News - @ July 16, 2024 8:18 am