Spot trading volume on centralized exchanges (CEX) reached $4.29 trillion in Q1 2024, the highest since Q4 2021.
CoinGecko analysts published a report on the state of the crypto market in Q1 2024. The total crypto market cap grew by 64.5% during the quarter, the maximum figure of $2.9 trillion reached on March 13.
Trading volume on the ten largest CEXs in Q1 grew 95.3% year-on-year to $4.29 trillion, the highest since Q4 2021. Binance retains its dominant position among centralized exchanges. At the end of March, its share of the spot trading market was 50%.
Exciting changes are observed in the non-fungible token market. In March, Magic Eden overtook Blur as the largest NFT marketplace. The growth of trading volume on Magic Eden was facilitated by the launch of the Diamond rewards program, the cooperation with Yuga Labs, and an increase in the share of Bitcoin NFT transactions. Overall, the trading volume on Magic Eden went up for six consecutive months. The total trading volume on the top 10 NFT marketplaces in Q1 2024 totaled $4.7 billion, and at the end of Q1, Blur still maintained the lead.
CoinGecko analysts also highlighted the following indicators on the Q1 results:
- BTC quotes recorded 68.8% growth at the end of Q1. Currently, the growth exceeded 85%, setting a new ATH at $73,098.
- Capitalization of Solana-based meme coins reached $9.36 billion — quotes of the ten largest meme coins grew by 801.5% during Q1.
- The number of assets under management (AUM) of spot Bitcoin ETFs surpassed the $55.1 billion mark, of which the Grayscale Bitcoin Trust ETF accounts for $21.7 billion.
- Ethereum-based DEX trading volume reached $70 billion, accounting for about 40% of the total trading volume on decentralized exchanges.
- About 4.3 million ETH were restaked via the EigenLayer protocol, with a quarterly growth rate of 36%.
It should be noted that the growing popularity of the EigenLayer protocol didn’t go unnoticed by large investors, who poured $100 million in the project. In Q1 2024, the total amount of investments in the Web3 industry amounted to almost $2.5 billion.
