CoinEx Research We have jointly released the 2024 Cryptocurrency Annual Report with ViaBTC Capital, which provides an in-depth analysis of the significant growth, volatility, and innovation in the cryptocurrency market throughout the year. This comprehensive report focuses on key trends in macro markets, memory blockchain technology, DeFi, NFT, and institutional adoption, providing expert insights into the constantly changing landscape of digital assets.
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In 2024, the cryptocurrency market experienced significant growth and volatility. Bitcoin (BTC) and Ethereum (ETH), as the main players in the market, have experienced significant changes in price and trading volume. Driven by ETF approval and halving events, Bitcoin's price has approached $100000, while Ethereum's price and trading volume have also experienced significant fluctuations due to the expected Dencun upgrade and ETF approval. In 2024, the stablecoin market is showing a stable growth trend, with Tether (USDT) and USDC continuing to dominate, and emerging stablecoins such as USDE and USD0 also showing a growth trend, reflecting the market's demand for diversified stablecoins.
In addition, 2024 is the year when Bitcoin is halved, and this event has far-reaching market implications as it significantly reduces Bitcoin's annual inflation rate, making it even scarcer. The halving event has also drawn attention to the second layer solution and staking mechanism of Bitcoin. In terms of mining, ViaBTC By mining Epic Sat, significant milestones have been achieved, highlighting their contribution to the mining ecosystem.
This report is jointly released by CoinEx Research and ViaBTC Capital, aiming to conduct in-depth analysis and research on the memory blockchain and cryptocurrency industry. The report covers macro markets, memory blockchain technology, digital assets DeFi、NFT By tracking market trends, analyzing project whitepapers and technical documents, evaluating project teams and development prospects, we provide users with professional market insights in various fields.
We would like to thank ViaBTC for their significant contribution to the mining pool section of this report, providing valuable insights and data that enhanced our analysis.
Market Overview: Bitcoin and Ethereum Drive the Market
The cryptocurrency market experienced significant growth in 2024, with Bitcoin (BTC) and Ethereum (ETH) ranking among the top. Driven by ETF approval and the highly anticipated halving event, the price of Bitcoin is approaching $100000. The performance of Ethereum has been affected by the Dencun upgrade and ETF related developments, with its price stabilizing above $3500 by the end of the year.
The stablecoin market maintains stable growth, with Tether (USDT) and USDC leading the gains. Emerging stablecoins such as USDE and USD0 have gained attention, reflecting the market's demand for diversification. However, MakerDAO's transition to "Sky" has limited the growth of its stablecoin products.
In the fourth quarter of 2024, the total market value of cryptocurrencies exceeded $4 trillion, reflecting that despite market volatility, investor interest and participation continue to grow. Bitcoin maintains its dominant position with a market share of 52.34%, followed by Ethereum with 11.58%.
Halving Effect: Bitcoin Inflation and Ecosystem Growth
The halving event of Bitcoin on April 19, 2024 reduced its annual inflation rate and further enhanced its scarcity. From a historical perspective, the price increase after halving takes longer to achieve, and the growth factor will also decrease. This halving cycle also focuses on Bitcoin's Layer 2 solution and staking mechanism, aiming to address scalability and practicality challenges in its ecosystem.
The emerging Layer 2 protocol is expected to bring new opportunities to the Bitcoin network by improving transaction efficiency and reducing costs. Meanwhile, decentralized equity mechanisms led by initiatives such as Babylon have begun to meet the market's demand for enhanced network participation and security.
Bitcoin Mining Rises and Innovates Again
The Bitcoin network mined over 53000 memory blocks in 2024, generating 217771 BTC with an annual total value of approximately $20 billion. The network hash rate surged by 51% to 827.89 EH/s, and due to increased Runes protocol activity, miners' income from transaction fees reached its peak in April.
There has also been significant growth in the mining of altcoins. Litecoin's annual output value reached 136 million US dollars, and Dogecoin made significant contributions through mining mergers. Kaspa Alephium has become a rising star in the PoW field, driven by the launch of innovative ASIC mining machines, and its hash rate has achieved outstanding growth.
The transition to renewable energy is still ongoing, with over 56% of Bitcoin mining energy coming from renewable sources. Regions such as North America and Africa have consolidated their position as major mining centers with stable policies and abundant resources.
MEME Coin and Community Driven Innovation
Driven by strong community support and innovative storytelling, the MEME coin market is thriving in 2024. The categories of political MEME and AI MEME, inspired by the 2025 US election, received attention in the fourth quarter. Platforms like pump.fun have led the trend, showcasing MEME driven super DApps as a blueprint for memory blockchain innovation.
Artificial Intelligence and Memory Blockchain: The Future of Fusion
In 2024, the integration of artificial intelligence and memory blockchain will accelerate, and the AI driven encryption ecosystem will utilize the decentralization, transparency, and anti censorship capabilities of memory blockchain. Projects in ecosystems such as Solana and Base focus on creating innovative AI agents and application layers. As of the fourth quarter, the total market value of artificial intelligence agents has reached $16.7 billion, indicating the early growth potential of the industry.
Institutional adoption and TradFi integration
In 2024, institutions' interest in cryptocurrencies deepens, with Bitcoin ETFs and Ethereum ETFs bringing in $35.3 billion and $2.6 billion in capital inflows, respectively. The tokenization of real world assets (RWAs) such as US treasury bond surged, and the market share rose to 26.7%. USDe It bridges the gap between TradFi and DeFi with stablecoins such as USDY, providing innovative revenue solutions.
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