Crypto Q2 2024: Memecoins & AI Shine, Bitcoin Struggles - Video

Cryptocurrency Industry Report Q2 2024: Memecoin and AI Take the Spotlight as Bitcoin Struggles
Q2 2024 is an exciting time for memecoins, Real World Assets (RWA) and Artificial Intelligence (AI) in the cryptocurrency market. According to CoinGecko's report, these three hot topics accounted for 35.7% of the market share, the same as the first quarter of the year.

Solana and Base stand out as the most popular ecosystems, accounting for 22.9% of market attention. After reaching an all-time high in Q1, the cryptocurrency market capitalization plummeted 14.4% in Q2, ending June at $2.43 trillion.
Bitcoin's anticipated fourth halving went smoothly, but the market did not react as expected. The excitement from the Bitcoin ETF approval in the United States in Q1 has dissipated, leading to a rather volatile quarter for BTC and the entire crypto market.

Bitcoin's Tough Quarter
CoinGecko points out that Bitcoin had a rough time in Q2, ending the quarter at $62,734, down 11.9%. Prices have fluctuated between $58,000 and $72,000 but failed to reach the all-time high of nearly $74,000 recorded in mid-March.
Additionally, Bitcoin's mining hashrate fell 18.8%, the first decline since Q2 2022, after hitting an all-time high of 721 million terahashes per second on April 23.

Despite this, companies like BitDigital, Hive, Hut 8, Terawulf, and Core Scientific continue to expand into AI. Tether even announced a $500 million investment in mining and Block completed the development of a 3nm mining chip.

Bitcoin's trading volume was also affected, with the daily average falling to $26.6 billion, down 21.6% from the previous quarter. This volatility is reflected in the overall market, with Bitcoin's year-to-date volatility at 46.7% and the entire cryptocurrency market at 48.2%.

Memecoin and AI steal the spotlight
In the second quarter, memecoin, RWA and AI became the focus of attention, accounting for a large portion of the market share, in which memecoin was the area that won the most, accounting for 14.3% of the market.

Four of the top 15 cryptocurrency stories involved memecoins, showing just how popular they are. Solana and Base are leaders in the blockchain ecosystem, with 22.9% market share.
The cryptocurrency community is also buzzing about Ethereum. During Q2, Ethereum became inflationary, adding 120,818 ETH to the circulating supply. Despite burning 107,725 ETH, the network issued 228,543 ETH, causing Ethereum to return to inflation.

Burn rate plummeted 66.7% quarter-on-quarter due to lower network activity and reduced gas fees. Only seven days in Q2 saw burn rate exceed issuance, compared to 66 days in Q1.

Fluctuations in trading volume
Centralized exchanges had a tough quarter, with spot trading volume reaching $3.4 trillion, down 12.2% from Q1. Binance remained the top CEX, ending the month 6 with 45% market share despite the decline.

However, Bybit has risen to become the second largest CEX exchange, surpassing Upbit and capturing 12.6% market share. Gate had the largest growth among the top 10 CEX exchanges, with trading volume increasing 51.1% to $85.2 billion.
Bitget and Cooperative also saw increases of 15.4% and 13.7%, respectively. This period also saw a spike in new listings and project launches on these exchanges.

On the decentralized exchange front, things are looking positive. DEXs recorded spot trading volume of $370.7 billion, up 15.7% from the previous quarter. Uniswap dominates the DEX market with a 48% market share.
Thruster, which originates from Blast, saw volumes jump 464.4%, ending June with a 3% market share. Aerodrome was not far behind, growing 297.4% and also accounting for 3% market share. Memecoin and airdrops are the big reason behind the increase in DEX volume.
The recent news also concludes the short newsletter here. Hello and see you again in the next short news
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