CoinEx Research and ViaBTC Capital jointly released the 2024 Cryptocurrency Annual Report, providing an in-depth analysis of the significant growth, volatility, and innovation in the cryptocurrency market throughout the year. This comprehensive report highlights key trends in the macroeconomic market, blockchain technology, , , and institutional adoption, offering expert insights into the evolving landscape of digital assets.
Overview
In 2024, the cryptocurrency market experienced significant growth and volatility. and , as market leaders, saw substantial changes in their prices and trading volumes. approached $100,000 driven by ETF approvals and the halving event, while experienced significant fluctuations influenced by the Dencun upgrade and ETF-related developments. The market exhibited a stable growth trend, with and maintaining their dominant positions, while emerging stablecoins like and also gained traction, reflecting the market's demand for diversification.
Furthermore, 2024 marked the year of the halving, an event with far-reaching market implications as it significantly reduced the annual inflation rate of , making it more scarce. The halving also drew attention to solutions and staking mechanisms for the ecosystem. In mining, achieved an important milestone by mining , highlighting their contributions to the mining ecosystem.
This report, jointly published by CoinEx Research and ViaBTC Capital, aims to provide in-depth analysis and research on the blockchain and cryptocurrency industry. It covers areas such as the macroeconomic market, blockchain technology, digital assets, , and , by tracking market trends, analyzing project whitepapers and technical documents, and evaluating project teams and development prospects to provide professional market insights.
We would like to express our gratitude to for their significant contributions to the mining pool section of this report, providing valuable insights and data that have strengthened our analysis.
Market Overview: and Driving the Market
The cryptocurrency market experienced significant growth in 2024, with and leading the way. Driven by ETF approvals and the highly anticipated halving event, price approached $100,000. 's performance was influenced by the upgrade and ETF-related developments, stabilizing above $3,500 by the end of the year.
The market maintained stable growth, with and leading the pack. Emerging stablecoins like and gained attention, reflecting the market's demand for diversification. However, MakerDAO's transition to "Sky" limited the growth of its stablecoin products.
In the fourth quarter of 2024, the total cryptocurrency market capitalization exceeded $4 trillion, reflecting the continued interest and participation of investors despite market volatility. maintained a dominant market share of 52.34%, followed by at 11.58%.
Halving Effect: 's Inflation and Ecosystem Growth
The halving event on April 19, 2024, reduced its annual inflation rate, further enhancing its scarcity. Historically, post-halving price increases have taken longer to materialize, and the growth multiples have also decreased. This halving cycle also focused on 's solutions and staking mechanisms, aiming to address scalability and usability challenges within its ecosystem.
Emerging protocols are expected to bring new opportunities to the network by improving transaction efficiency and reducing costs. Meanwhile, decentralized staking mechanisms led by projects like have begun to meet the market's demand for increased network participation and security.
Mining Resurgence and Innovation
The network mined over 53,000 blocks in 2024, generating 217,771 with a total value of around $20 billion. The network hash rate soared by 51%, reaching 827.89 EH/s, and miner revenue from transaction fees peaked in April due to increased protocol activity.
mining also experienced significant growth. Litecoin generated an annual value of $136 million, while Dogecoin made notable contributions through merged mining. and emerged as rising stars in the PoW space, achieving remarkable hash rate growth driven by the launch of innovative ASIC miners.
The transition to renewable energy continues, with over 56% of mining energy coming from renewable sources. Regions like North America and Africa have solidified their positions as major mining hubs, leveraging policy stability and abundant resources.
Coins and Community-Driven Innovation
Driven by strong community support and innovative narratives, the coin market thrived in 2024. Categories like and , inspired by the 2025 US elections, gained attention in the fourth quarter. Platforms like pump.fun have led the trend, showcasing -driven super DApps as a blueprint for blockchain innovation.
AI and Blockchain: A Converging Future
In 2024, the integration of artificial intelligence and blockchain accelerated, with AI-driven leveraging the decentralization, transparency, and censorship-resistance of blockchain. Projects within ecosystems like and have focused on creating innovative AI agents and applications. By the fourth quarter, the total market value of reached $16.7 billion, signaling the early growth potential of this industry.
Institutional Adoption and TradFi Integration
In 2024, institutional interest in cryptocurrencies deepened, with and attracting $35.3 billion and $2.6 billion in inflows, respectively. The tokenization of real-world assets (RWA) like US Treasuries surged, accounting for 26.7% of market share. Stablecoins like and have bridged the gap between TradFi and DeFi, providing innovative yield solutions.
Regulatory Landscape: Towards Global Governance
The regulatory developments in 2024 highlighted the continued evolution of cryptocurrency governance. The United States approved the first physical Bitcoin ETF, and the European Union implemented the MiCA framework, establishing new standards for market operations. The global regulatory standardization efforts led by the G20 Summit emphasized collaboration and innovation.
Outlook for 2025: Predictions
The report outlines the key trends expected to impact 2025, including:
• Tokenization of traditional assets: Expanding the bridge between TradFi and DeFi.
• DeSci (Decentralized Science): Transforming research funding and peer review systems.
• AI integration: Driving decentralized computing markets and token economies.
• MEME economy: Community-driven cultural innovation social token models.
• Layer 2 evolution: Achieving mature scalability through enhanced interoperability.
Technological breakthroughs in AI infrastructure, privacy computing, and cross-domain applications are expected to drive the next wave of innovation.
Conclusion
The cryptocurrency market in 2024 exhibited a dynamic interplay of growth, innovation, and challenges. From Bitcoin halving and Layer 2 advancements to the dominance of MEME coins and AI integration, the industry continues to push boundaries. With the development of regulatory frameworks and the acceleration of technological innovation, 2025 is poised to be another transformative year for the crypto ecosystem.
Risk Warning
Cryptocurrency investments carry a high degree of risk, and their prices may fluctuate dramatically, potentially resulting in the loss of your entire principal. Please carefully evaluate the risks.
