The cryptocurrency industry experienced significant growth in 2024, with Bitcoin leading the way. The total market capitalization of the crypto industry has more than doubled over the past year, according to data from TradingView.
Several trends contributed to this growth. One notable trend is the rising dominance of Bitcoin, which reached its highest level in over three and a half years after the approval of spot exchange-traded funds in the US. This led to a surge in the premier cryptocurrency’s market share.
Another trend saw unprecedented growth in meme coins, with their aggregate market capitalization surging by over 400%. The introduction of Solana-based launchpad Pump.fun catalyzed this growth, but it also had a negative impact on the Ethereum ecosystem and ETH’s price performance.
The DeFi sector experienced a resurgence in 2024 as fresh capital flowed into various protocols and projects. This led to an increase in the aggregate market cap of the DeFi sector, which reached its highest since early 2022.
New projects pioneered during the last bear market also saw remarkable growth in 2024. Restaking projects and basis trading protocols were among the highlights.
As of this writing, the total cryptocurrency market capitalization stands at around $3.49 trillion, representing a year-over-year increase of over 105%.
Source: https://bitcoinist.com/crypto-and-bitcoin-go-mainstream-five-major-trends