According to ChainCatcher, Coingecko data showed that the total market value of cryptocurrencies fell by 14.4% (US$408.8 billion) in the second quarter of 2024 to US$2.43 trillion, basically fluctuating between US$2.30 trillion and US$2.90 trillion.
The cryptocurrency market fell while the S&P 500 rose 3.9%, causing the correlation between cryptocurrency market capitalization and the S&P 500 to fall from 0.84 in the first quarter to 0.16.
In addition, cryptocurrency volatility remained high in the second quarter, with an annualized volatility of 48.2% for total market capitalization and 46.7% for Bitcoin. In comparison, the volatility of the S&P 500 index was 12.7%.