2024 Crypto Annual Report: Bitcoin and Ethereum Lead the Way, MEME Coins Flourish, and AI and Blockchain Converge

CoinEx Research and ViaBTC Capital have jointly published the 2024 Crypto Annual Report, offering an in-depth analysis of the cryptocurrency market's remarkable growth, volatility, and innovation throughout the year. This comprehensive report highlights key trends across macro markets, blockchain technology, DeFi, NFTs, and institutional adoption, providing expert insights into the evolving landscape of digital assets.

Overview

In 2024, the cryptocurrency market experienced significant growth and volatility. Bitcoin (BTC) and Ethereum (ETH), as the main players in the market, both saw substantial changes in their prices and trading volumes. Bitcoin, driven by ETF approvals and the halving event, approached a price of $100,000, while Ethereum, influenced by the Dencun upgrade and the anticipated approval of ETFs, also witnessed significant fluctuations in price and trading volume. The stablecoin market showed a stable growth trend in 2024, with Tether (USDT) and USD Coin (USDC) continuing to dominate, and emerging stablecoins such as USDE and USD0 also showing growth, reflecting the market's demand for diversified stablecoins.

Additionally, 2024 marked the Bitcoin halving, an event with profound market implications as it significantly reduced Bitcoin's annual inflation rate, making it even scarcer. The halving event also brought attention to Bitcoin's Layer 2 solutions and staking mechanisms. In terms of mining, ViaBTC achieved a significant milestone by mining the Epic Sat, highlighting their contribution to the mining ecosystem.

This report is jointly released by CoinEx Research and ViaBTC Capital, aiming to provide in-depth analysis and research on the blockchain and cryptocurrency industry. The report covers macro markets, blockchain technology, digital assets, DeFi, NFTs, and other fields, offering users professional market insights through tracking market trends, analyzing project white papers and technical documents, and evaluating project teams and development prospects.

We would like to express our gratitude to ViaBTC for their significant contribution to the mining pool section of this report, providing valuable insights and data that enhance our analysis.

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Market Overview: Bitcoin and Ethereum Lead the Way

The cryptocurrency market experienced significant growth in 2024, with Bitcoin (BTC) and Ethereum (ETH) at the forefront. Bitcoin, driven by ETF approvals and the highly anticipated halving event, approached $100,000. Ethereum's performance was influenced by its Dencun Upgrade and ETF-related developments, with its price stabilizing above $3,500 by year-end.

The stablecoin market maintained steady growth, led by Tether (USDT) and USD Coin (USDC). Emerging stablecoins like USDE and USD0 gained traction, reflecting the market's appetite for diversification. However, MakerDAO's transition to "Sky” saw limited growth in its stablecoin offerings.

The total cryptocurrency market capitalization exceeded $4 trillion in Q4 2024, reflecting growing investor interest and participation despite market fluctuations. Bitcoin retained dominance with a 52.34% market share, followed by Ethereum at 11.58%.

The Halving Effect: Bitcoin's Inflation and Ecosystem Growth

Bitcoin's halving event on April 19, 2024, reduced its annual inflation rate, further enhancing its scarcity. Historically, post-halving price surges have taken longer to materialize, with reduced growth multiples. This halving cycle also spotlighted Bitcoin's Layer 2 solutions and staking mechanisms, which aim to address scalability and utility challenges within its ecosystem.

Emerging Layer 2 protocols are poised to unlock new opportunities for the Bitcoin network by improving transaction efficiency and reducing costs. Meanwhile, decentralized staking mechanisms, led by projects like Babylon, have begun addressing market demand for enhanced network participation and security.

Mining Resilience and Innovation

The Bitcoin network mined over 53,000 blocks in 2024, producing 217,771 BTC with a total annual value of approximately $20 billion. Network hash rates surged by 51% to reach 827.89 EH/s, while miner revenue from transaction fees peaked in April, driven by increased activity in the Runes protocol.

Altcoin mining also saw notable growth. Litecoin's annual output value reached $136 million, with Dogecoin contributing significantly through merged mining. Kaspa and Alephium emerged as rising stars in the PoW space, showcasing exceptional hash rate growth fueled by innovative ASIC miner launches.

The shift toward renewable energy continued, with over 56% of Bitcoin mining energy sourced from renewables. Regions like North America and Africa solidified their positions as key mining hubs, leveraging policy stability and abundant resources.

MEME Coins and Community-Driven Innovation

The MEME coin market flourished in 2024, fueled by strong community support and innovative narratives. Categories such as Political MEMEs, inspired by the