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In Q1 2024, spot trading volume on centralized exchanges (CEX) hit $4.29 trillion, marking the highest level since Q4 2021.
Analysts from CoinGecko released a report detailing the crypto market‘s status in Q1 2024. The overall crypto market capitalization increased by 64.5% during the quarter, reaching a peak of $2.9 trillion on March 13.
Trading volume among the ten largest CEXs in Q1 rose by 95.3% year-over-year to $4.29 trillion, the highest since Q4 2021. Binance continues to hold a leading position among centralized exchanges, with a 50% share of the spot trading market at the end of March.
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Significant developments are occurring in the non-fungible token market. In March, Magic Eden surpassed Blur to become the largest NFT marketplace. The increase in trading volume on Magic Eden was driven by the introduction of the Diamond rewards program, collaboration with Yuga Labs, and a rise in Bitcoin NFT transaction volume. Overall, trading volume on Magic Eden has increased for six consecutive months. The total trading volume across the top 10 NFT marketplaces in Q1 2024 reached $4.7 billion, with Blur still leading at the end of Q1.
CoinGecko analysts also pointed out the following metrics regarding Q1 results:
- BTC prices experienced a 68.8% increase by the end of Q1, with growth surpassing 85%, reaching a new all-time high of $73,098.
- The market capitalization of Solana-based meme coins reached $9.36 billion, with the ten largest meme coins increasing by 801.5% during Q1.
- The assets under management (AUM) of spot Bitcoin ETFs exceeded $55.1 billion, with the Grayscale Bitcoin Trust ETF accounting for $21.7 billion.
- Ethereum-based DEX trading volume hit $70 billion, representing approximately 40% of the total trading volume on decentralized exchanges.
- Approximately 4.3 million ETH were restaked through the EigenLayer protocol, reflecting a quarterly growth rate of 36%.
It is noteworthy that the rising interest in the EigenLayer protocol has attracted attention from major investors, who invested $100 million into the project. In Q1 2024, total investments in the Web3 sector reached nearly $2.5 billion.
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