Detailed summary of the "Q1 2024 Market Pulse" report from Binance Research, summarizing key figures and trends in the crypto market for Q1/2024:
1. Market Overview
Market capitalization: Increased by 60%, reaching $2.9 trillion – the highest level since late 2021.
Market sentiment: Strongly improved, reflected in high traffic and significant capital inflows into platforms.
2. Bitcoin & Spot ETFs
Spot Bitcoin ETFs in the US (BlackRock, Fidelity…) launched in January 2024.
Attracted over $12 billion in capital inflows in Q1.
Bitcoin rose nearly 70%, peaking above $73,000 in March.
3. Solana Leads Altcoins
Solana (SOL) experienced remarkable growth due to:
Low fees, fast speeds, suitable for meme coin trading.
Strong trading volume, booming NFT and DeFi ecosystem.
Projects like Jupiter and Jito attracted the community.
4. DeFi Recovery
TVL in DeFi: Increased by 70.6%, reaching $92 billion.
Highlights:
Restaking (EigenLayer) & LSD (stETH, Ether.fi) accounted for most of the growth.
Layer 2 (Arbitrum, Base) played a significant role.
5. NFTs & Ordinals
NFT volume increased by 27% compared to Q4/2023.
Leading blockchains:
Bitcoin (Ordinal), Ethereum, and Solana.
Bitcoin NFTs rose to the top due to the mint inscription trend.
6. AI Sector & New Tokens
AI tokens increased by an average of 222% (FET, RNDR…).
The AI trend is reflected in:
Strong traffic increases to related projects.
Significant interest from institutional investors.
7. Gaming & Blockchain
70% of the blockchain gaming market share is held by:
BNB Chain, Ethereum, Polygon.
New projects: Pixels, Big Time, Shrapnel…
8. Binance Continues to Lead
Binance accounted for 50% of spot trading market share in Q1.
Derivatives trading and Earn products saw strong growth.
Binance Launchpool and Launchpad helped new projects successfully raise capital.
