There is no question that the cryptocurrency industry witnessed explosive growth in 2024, with the flagship cryptocurrency Bitcoin continuing to lead the market. Data shows that the total market capitalization of the crypto industry has more than doubled over the past year.

While it has been challenging to find a common theme for how the market has improved in 2024, it is easy to point out the different aspects of growth in the digital asset industry this year. A prominent blockchain firm has identified five trends that reflect the shift experienced in the crypto market in the past 12 months.

5 Trends In The Crypto Space In 2024

In its latest weekly report, market intelligence platform IntoTheBlock explained the five major on-chain trends that reflect the growth of the cryptocurrency industry in the past year. It’s been all (or mostly) fireworks for the digital asset market, specifically Bitcoin, in 2024.

Firstly, IntoTheBlock pointed to the growth and the rising dominance of Bitcoin in the crypto market, especially after the approval of spot exchange-traded funds in the United States. As a result, the premier cryptocurrency’s market share hit its highest level in over three and a half years.

The crypto analytics firm highlighted that Trump’s success in the presidential elections also played a role in driving higher the value of Bitcoin. All in all, Bitcoin’s dominance has now moved from under 50% to 59% year-to-date.

Like Bitcoin, the meme coin market a

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Author: Opeyemi Sule