Digital Assets Report: $Bitcoin (BTC) and $Solana (SOL) Lead Crypto Market Performance YTD
Tanay Ved and Matías Andrade from Coin Metrics noted that despite volatility from factors like Mt. Gox repayments and the Yen carry trade, Bitcoin demonstrated considerable stability. In fact, the report pointed out that BTC and SOL now notably lead performance YTD (+54% and +53% respectively).
The Coin Metrics report added that Ethereum ETFs debuted in August of this year, witnessing relatively weaker inflows, and reduced validator profitability amid lower L1 network activity post-Dencun upgrade.
The Coin Metrics explained that the impact of Ethereum‘s rollup-centric scaling roadmap and value accrual “continue to evolve.”
The research study added that the DeFi or decentralized finance sector saw significant activity, including Maker‘s rebrand to the “Sky Ecosystem” & Wrapped-Bitcoin’s (WBTC) restructuring from BitGo.
In this latest edition of State of the Network, Coin Metrics take a data-driven look at key developments that impacted the digital assets ecosystem during Q3 2024.
As stated in the Coin Metrics update, Q3 2024 was characterized by a combination of “catalysts” and “market pressures,” inducing bouts of market volatility.
In the face of creditor repayments, market selling from various entities and the side-effects of the Yen-carry trade, on-chain infrastructure remained resilient, Bitcoin (BTC) displayed “remarkable stability” and the stablecoins continued their ongoing and steady expansion across the Web3 ecosystem.
Over the course of 2024, BTC remains the “best performing” crypto-asset (+54%), followed by SOL (53%), while Microstrategy (MSTR) is having a strong year on the back of its bitcoin buying spree.
#WeAreAllSatoshi #HBODocumentarySatoshiRevealed #SECAppealRipple #Write2Earn! #BecomeCreator $BIFI
