Binance’s report shows a 37.3% YTD growth in the crypto market cap, now at $2.27 trillion.
Layer 2 TVL surged by 90% to $43 billion, driven by zk project airdrop promises.
Despite past crashes, the stablecoins market cap reached $161 billion, a two-year high.
Renowned crypto exchange platform Binance has published its half-year report for 2024, providing a detailed overview of the market and noting a 37.3% growth in total crypto market capitalization year-to-date, now at approximately $2.27 trillion.
#Binance Research presents our comprehensive industry report for the first half of 2024.Discover the top crypto dynamics of early 2024 and key trends for the rest of the year.Check it out https://t.co/LnYQ1Yawr7
— Binance Research (@BinanceResearch) July 16, 2024
The first quarter of 2024 saw a significant increase in market cap, rising by over 60%, a growth driven by several factors, including April’s Bitcoin halving, the launch of the Runes Protocol, and the approval of US spot BTC ETFs. However, the second quarter faced challenges, resulting in a 14.3% decline, partially reversing earlier gains.
Advancements in Key Protocols
Layer 1 protocols had a strong start, with Bitcoin maintaining its market dominance. Ethereum experienced substantial developments with the explosion of restaking and the EIP-4844 update. Binance’s native blockchain, BNB, focused on projects like opBNB and Greenfield, enhancing its ecosystem.
Solana emphasized meme coins in the first half of 2024, launching blockchain links, or “blinks,” leading to exponential growth for meme coins like dogwifhat (WIF) and BONK, increasing by thousands of percent.
Vibrant Layer 2 Sector and DeFi Expansion
Binance reports that the Layer 2 sector has been particularly vibrant. The promise of airdrops, especially for zero-knowledge (zk) projects, attracted significant attention and capital inflows. This resulted in a 90% increase in the total value locked (TVL) in Layer 2 solutions, reaching $43 billion. Decentralized Finance (DeFi) also saw substantial growth, with its TVL rising by 72.8% year-to-date, from $54.4 billion to $94.1 billion.
Stablecoins Recovery and NFT Market Challenges
The stablecoins market has shown a notable recovery, reaching a market cap of $161 billion as of June 30, marking a two-year high. This figure is just 14.5% below the peak in April 2022, before the TerraUSD (UST) crash. Tether’s USDT remains dominant with a market cap of $112.9 billion, while Circle’s USDC and Ethena’s USDe have gained market share.
Conversely, the NFT market faced difficulties in the first half of 2024, with declining sales and falling floor prices. Web3 gaming also saw a drop in token market cap but maintained healthy user growth. Projects like Pixels and Hamster Kombat attracted players through token airdrops, keeping engagement high.
This month Binance is commemorating its seventh anniversary by throwing a range of events, incentives, and retail sales for its customers.
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