The 2024 Annual Crypto Industry Report had revealed a few achievements and changes as well that had an impact in the past year’s cryptocurrency market. For the year 2024, the crypto market’s most memorable achievement was achieving a spike of about $3.78 trillion. As this positive outcome has come to a close, investors are also curious about how this came about.
Key-takeaways:
- The 2024 Annual Crypto Report is Bitcoin standing at $108,135, with $3.91 trillion of market cap—up from $3.78 trillion, the previous record.
- Base took the lead with 48.3% of all transactions, while Solana surpassed Ethereum in DEX trading.
- AI crypto went from $4.8B to $15.5B in Q4, centralized exchanges saw an all time high in volume at $6.45T.
Crypto Performance within the Market
Bitcoin led the way, hitting $100,000 for the first time in December alone: $108,135. Trump’s re-election, US spot ETF approvals, and Federal Reserve rate cuts fueled this growth.
The market cap of the total cryptocurrencies rose to $2.411 billion, marking a $69.5 billion increase compared to the previous day, with Bitcoin reclaiming 53.6 percent market share. By contrast, Ethereum’s market share has retreated to 11.8 percent, its most minimal since April 2021. It’s worth pointing out that XRP also punished aggressively, cracking into fourth place, passing BNB and Solana.
Trading Volumes and Exchange Performance
Binance also remained on top, with a 34.7% market share. Daily volumes at South Korean exchange Upbit, which recently saw explosive growth after the declaration of martial law, hit $21 billion.
In Q4, we saw the AI segment explode into the market as market capitalization surged from $4.8 billion to $15.5 billion. This expansion was powered by new projects on Solana and Base, including platforms like GOAT, AIXBT, and Virtual Protocol.
DEX Trading Landscape
Throughout Q4, Solana recorded a significant milestone of surpassing Ethereum and taking over as the top DEX with over 30% of the market volume. In December, it left the previous position of Arbitrum, cementing its position with a 19 percent market share. The fastest-growing chain with 232.7% quarterly growth was Tron.
In 2024, the performance of the crypto market outdid the traditional assets. In Q4, the NASDAQ and S&P500 came in with modest gains of 8% and 3%, respectively; Bitcoin handily eclipsed these numbers with its handsome returns. It also offered dollar bidding support with the U.S. Dollar Index gaining 7 percent against major currencies.
Coming into 2025, the cryptocurrency industry is flowing strong with institutional adoption and technological advances. Layer 2 solutions, an increase in DEX activity, and the ascension of AI projects indicate there is a lot of innovation still to come.
Conclusion: 2024 Annual Crypto Industry Report
Bitcoin’s record-shattering performance is maturing the market, but there is still plenty that is innovative out in it, from DEX trading to Layer 2 adoption that one could wonder at. As for the development in these areas, it will bring an exciting future of Digital Assets and Blockchain Technology.
