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CoinGecko: Bitcoin closed the second quarter of 2024 in the red

Bits.media / 17.07.2024 / 08:17
CoinGecko: Bitcoin closed the second quarter of 2024 in the red
CoinGecko analysts presented a report on the cryptocurrency market for the second quarter of 2024, according to which bitcoin closed the quarter in the red, and ether lost its deflationary character.

According to CoinGecko, the cryptocurrency market has demonstrated a drawdown of key indicators, including capitalization, which decreased by 14.4% in the second quarter of 2024, yielding to the growth rate of the S&P 500 index, which increased by 3.9%. This led to the fact that the correlation between these indicators decreased from 0.84 to 0.16. In addition, the index surpassed the cryptocurrency market in terms of volatility — 12.7% versus 48.2%.

As analysts noted, the halving of Bitcoin in April had almost no effect on the exchange rate of the first cryptocurrency. The drawdown of bitcoin in the second quarter of 2024 was 11.9%. In turn, the volume of bitcoin trading also decreased by 21.6% compared to the previous quarter. The total hashrate of the Bitcoin network decreased by 18.8% — for the first time since the second quarter of 2022.

The volume of spot trading on centralized exchanges in the second quarter of 2024 decreased by about 12.2% and amounted to $3.4 trillion. At the same time, Binance remained the leader among cryptocurrency exchanges with a market share of 45%. In contrast, the volume of spot trading on decentralized crypto exchanges increased by 15.7% to $370.7 billion. The Uniswap platform took the leading position with a market share of more than 48%.

Earlier, analysts at JPMorgan international investment bank said that in August 2024, the cryptocurrency market will begin to recover.



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