Crypto Market Semi-Annual Report: Market and Trend Update​

In the first half of 2024, the total market capitalization of cryptocurrencies showed a fluctuating upward trend, achieving a growth of 37.3% from the beginning of the year to reach $2.27 trillion. Bitcoin ETFs attracted over $14 billion due to liquidity premiums, while Ethereum's re-staking ecosystem contributed significantly to alpha returns, with Layer-2 locked value surging by 90% year-on-year to $43 billion. DeFi TVL surpassed $94.1 billion with a 72.8% increase. The market capitalization of stablecoins reached a two-year high of $161 billion, with USDC and USDe expanding their share due to compliance. ​

In the second half of the year, the penetration rate of institutional holdings continued to rise, and the approval of ETH ETFs is expected to bring in incremental funds. The Federal Reserve's interest rate cut expectations in September reinforced the market's risk-on sentiment, accelerating the implementation of Bitcoin scalability solutions and creating structural opportunities. New narratives around ownership economies like DePIN and DeSoc are emerging, while the tokenization of RWA releases value through on-chain rights confirmation. Improved user retention rates in Web3 games support valuation recovery. ​

Investment advice: Employ a barbell strategy for diversified allocation, focus on fundamentally solid targets, strictly implement stop-loss and take-profit disciplines, and avoid FOMO-driven irrational trading.

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