Q2 2024 Crypto Report: Insights on Bitcoin and Altcoins
The Crypto market saw significant gains in the first quarter of 2024 when it was boosted by the approval of the first spot bitcoin exchange-traded funds (ETFs). During mid-March 2024, the crypto market slowly saw a downward trend as the bitcoin price dropped to $61,000. There was heightened speculation of a potential bullrun but Bitcoin ended the second quarter at roughly $62,000 per coin, down 13.64% from the all-time high of more than $73,000 per coin in March. Ethereum, the second most popular cryptocurrency, ended the quarter down 5.57%.
The Bullrun faced numerous challenges, including legal struggles with the US SEC, tax issues, ongoing liquidations in the crypto market, Bitcoin spot etfs new inflows decreased compared to Q1., and delays in the Ethereum ETF launch. Despite these obstacles, the overall market maintained a strong support level. If conditions become favorable, Bitcoin’s price could surpass $70K, potentially boosting altcoins and leading to a market bounceback.
Bitcoin Price Performance in Quarter 2, 2024:
Bitcoin’s quarterly returns for Q2 2024 indicate a 12% decline, with the price at the end of June 2024 being 12% lower than at the beginning of April 2024. The closing price for Q2 2024 was $62,743, down from $71,262 at the end of Q1 2024. This sharp decline contrasts with the same quarter in 2023, where Bitcoin saw a positive return of 7.03%.
Year-on-Year Bitcoin Performance
Comparing year-on-year performance, Bitcoin’s Q2 2024 decline is notable against its Q2 2023 return of +7.03%. Despite the recent dip, Bitcoin’s six-month price change remains positive at +42.4%, showcasing its strong performance in the first half of the year. However, the three-month price change shows a 9.92% decline as of July 1, 2024.
Top Projects Performed in Q2 2024
The Ton ecosystem garnered significant attention throughout Q2 2024, with a notable surge in price and on-chain metrics. TON’s price surged 50%, reaching a peak of $8.2. Additionally, the number of Ton Network accounts increased from less than 10 million in early January to nearly 40 million by the end of Q2 2024.
Both Political and Celebrity-issued meme coins have garnered widespread attention this quarter. Iggy Azalea’s $MOTHER, Andrew Tate’s $DADDY, and Donald Trump-inspired $TRUMP sparked as the most celebrity coins to go viral, and Caitlyn Jenner’s $JENNER sparked the market with a 160-fold increase overnight.
Here are the Top 10 Performed Projects in Quarter 2, 2024
1. Turbo (TURBO): +466.32%
2. Celsius Network (CEL): +208.03%
3. Mog Coin (MOG): +165.50%
4. ConstitutionDAO (PEOPLE): +159.82%
5. Ethereum Name Service (ENS): +60.11%
6. Pepe (PEPE): +56.56%
7. Toncoin ( TON): +53.28%
8. JasmyCoin (JASMY): +43.12%
9. Ondo Finance (ONDO): +41.29%
10. Kaspa (KAS): +39.06%
Track all the Cryptocurrencies here: https://markets.coinpedia.org/
Security Breach in Q2 2024:
In the second quarter of 2024, crypto losses from 72 hacks and fraud incidents totaled $572.7 million, more than double the $265.5 million lost during the same period in 2023. Decentralized finance (DeFi) platforms suffered losses of approximately $172.1 million across 63 incidents, which is 25% less than the $228.48 million lost by DeFi platforms in the second quarter of 2023.
According to Immunefi’s report, the largest single-entity loss was the hack on the Japanese crypto exchange DMM Bitcoin, which resulted in the theft of Bitcoin (BTC) worth $305 million.
Other Hotspots
Q2 2024 has been marked by several significant token generation events (TGEs) and airdrops, including those from Wormhole, Merlin Chain, zkSync, and LayerZero. Emerging trends in the SocialFi and GameFi sectors have also been prominent this quarter. Initiatives such as Farcaster and Lumiterra have gained traction, highlighting the growing integration of blockchain technology in these areas.
Conclusion
The second quarter of 2024 presented a mixed bag for the cryptocurrency market. Bitcoin and Ethereum faced downturns amid various challenges, including legal issues and market liquidations. Despite these setbacks, the market exhibited resilience, maintaining strong support levels and showing potential for recovery. Notably, the Ton ecosystem and celebrity-issued meme coins gained significant traction, while some projects achieved remarkable gains. However, the quarter was also marred by substantial security breaches, highlighting the ongoing vulnerabilities within the crypto space. As the market moves forward, the interplay between regulatory developments, technological advancements, and security measures will be crucial in shaping its trajectory.
