Discover 2024's Trending Crypto & Market Cap Insights

The long-awaited bull run of 2024 propelled the crypto market cap by 128%, reaching a record $3.65 trillion. Institutional adoption, regulatory developments, market dynamics, and global political trends were the primary contributing factors.

Bitcoin ETFs (Exchange Traded Funds) and the U.S. presidential election acted as catalysts, turning the crypto market green. Bitcoin crossed the $100k milestone for the first time in history. Meanwhile, Ethereum-based Layer-2 solutions got more popular, making decentralized finance (DeFi) and blockchain applications faster and cheaper than ever.

Memecoins, like Dogecoin, experienced unprecedented growth not seen since 2021. Regulatory clarity in major markets like the U.S. and Europe opened doors for larger funds and corporations to participate, which was a key driver for massive cash inflows into the crypto market.

In this report, we discuss the reasons behind crypto market cap surges, market performance, trending crypto narratives, and future market directions.

93 million Americans owned crypto in 2024, a 10% increase from 2023.

Historical Market Performance

2020 was a standout year with an impressive growth of 300%, remembered as the pandemic market surge. In comparison, 2021 and 2019 saw moderate gains of 57.57% and 89.49%, respectively.

Likewise, in 2023, the crypto market posted impressive growth of over 154%, which continued into 2024 with an additional 147% surge. However, 2022 was marked by massive market instability, with price plummeting by over 65%.

Crypto Adoption in 2024: By the Numbers

2024 marks crypto's institutional breakthrough. Bitcoin ETFs spurred institutional adoption in 2024, with Bitcoin's realized capitalization rising from $430 billion to $730 billion.

Cryptocurrency adoption is on the rise globally, reaching over 560 million crypto owners worldwide as of 2024. The leading adoption rate is seen in the United Arab Emirates (25.3%), followed by Singapore (24.4%) and Turkey (19.3%). Other high-ranking countries include Argentina (18.9%), Thailand (17.6%), and Brazil (17.5%).

Demographically, 61% of crypto owners are male, while 39% are female. Among owners, 34% fall between the 25-34 age range, and 65% of respondents expressed interest in using cryptocurrency for payments.

As of 2024, 6.8% of the world's population owns crypto.

Crypto adoption is on the rise in Central Asia, with Kazakhstan and Uzbekistan leading. In Kazakhstan specifically, the percentage of the population owning cryptocurrencies doubled from 4% in 2022 to 8% in 2024.

According to Statista data, user penetration in Europe reached 25.93% and is expected to grow to 26.03% in 2025, pushing the number of users to 218.6 million.

In the United States alone, cryptocurrency adoption among adults reached 40% in 2024, compared to 30% in 2023. Over 93 million individuals now own digital assets. In 2023, around 43% of men and 18% of adults owned crypto. This increased to 48% and 29%, respectively, in 2024.

The gender gap between crypto owners is narrowing. Demographically, millennials (born 1981-1996) continue to lead in crypto ownership, with 57% actively engaging in digital asset investments. In contrast, only 13% of Gen Z (born 1997-2012) owned digital assets in 2024.

Factors such as the approval of Bitcoin ETFs and increased regulatory clarity have helped the cryptocurrency market grow and attract new buyers. This has significantly boosted mainstream business adoption across diverse demographics.

Top 10 Trending Crypto Coins in 2024

1. Bitcoin

Bitcoin (BTC) kickstarted the cryptocurrency domain in 2009 with its idea of decentralized electronic cash. As of 2024, Bitcoin holds 57% of the market dominance, boasting a market capitalization exceeding $2 trillion. Bitcoin's role has been the "cheerleader" for the crypto industry, setting trends, building trust, and driving the global adoption of blockchain technology worldwide.

The price of Bitcoin increased 147% in 2024, providing the broader crypto market the green light. Bitcoin price reached its all-time high of $104k, pushing the total market cap to $3.65 trillion. Renowned for its stability within the volatile crypto space, Bitcoin is often considered a relatively safer investment compared to other crypto tokens.

Pros:

• Highest market dominance as the market leader
• Strong brand recognition and global trust
• Limited supply acts as an inflation hedge
• Attracts institutional investments via ETFs
• Widely accepted for payments worldwide

Cons:

• High energy usage due to Proof of Work (PoF)
• Slow transaction speed compared to newer chains, roughly 7 transactions a second

2. Ethereum

Ethereum (ETH), launched in 2015 by Vitalik Buterin, introduced smart contracts, paving the way for Web3, decentralized applications (dApps), and DeFi protocols. In 2024, Ethereum surged 78%, with a market dominance of 13% and a market cap surpassing $473 billion.

Although Ethereum could not update its all-time high of $4.8k set in November 2021, the crypto community believes in its potential. Analysts suggest that as BTC dominance deflates, Ethereum will be the first coin to benefit from it. Current valuations indicate that many altcoins, including Ethereum, are undervalued with their current prices, presenting potential growth opportunities.

Pros:

• Leading platform for smart contracts and dApps
• Powers 75% of DeFi and NFT ecosystems
• Transitioned to energy-efficient Proof of Stake
• Scalable with Layer-2 solutions like Arbitrum
• Strong developer and project support

Cons:

• High gas fees during network congestion
• Competing smart contract platforms gaining traction

3. Solana

Solana stood among the biggest winners in the 2024 bull run, achieving a new all-time high and surpassing its previous peak from 2021. With its 300% gain, Solana ranks at #6 with its market cap of $88 billion.

The Solana ecosystem also benefited from the success of Solana-based memecoins, like PNUT and BONK. PNUT, for instance, reached a market cap of $1.3 billion shortly after its listing on Binance.

Collectively, the market capitalization of Solana-based memecoins has exceeded $20.5 billion, contributing to Solana's growth. Current trends indicate a favorable outlook for Solana, suggesting potential for further value appreciation.

Pros:

• Extremely fast transactions with 65,000 TPS capability
• Low transaction fees, ideal for microtransactions
• Popular for NFT marketplaces and gaming projects
• Scalable without relying heavily on Layer-2 solutions
• Strong ecosystem growth with increasing developer activity

Cons:

• Network outages have raised reliability concerns
• Heavy centralization compared to other blockchains

4. BNB

Binance Coin (BNB), the native token of the Binance ecosystem—the largest cryptocurrency exchange by trading volume—has demonstrated remarkable resilience and growth in 2024. BNB coin ranks #5 with its $196 billion market cap.

BNB achieved new all-time highs twice in 2024, as shown in the chart, surging over 136%.

This growth underscores BNB's intrinsic value, driven by its extensive use cases within the Binance ecosystem and the strategic initiatives of its development team.

Notably, the coin has shown incredible resistance and stability amid market turbulence, including the sell-off pressures caused by the arrest of Binance's former CEO, Changpeng Zhao (CZ). Despite these events, BNB's price remained strong, reflecting investor confidence in its long-term viability.

Pros:

• Extremely fast transactions with 65,000 TPS capability
• Low transaction fees, ideal for microtransactions
• Popular for NFT marketplaces and gaming projects
• Scalable without relying heavily on Layer-2 solutions
• Strong ecosystem growth with increasing developer activity

Cons:

• Network outages have raised reliability concerns
• Heavy centralization compared to other blockchains

5. Dogecoin

The oldest memecoin, Dogecoin, initially launched to parody Bitcoin now shares a $46.3 billion market cap. The memecoin mainly rallied because of Tesla CEO Elon Musk's backing and Trump's win in the 2024 U.S. Presidential election.

In 2024, Dogecoin attracted over 4.5 million active investors.

In 2024, Dogecoin's value soared more than 400%, reaching around $0.43 per coin. This rise coincided with Musk's appointment to co-lead D.O.G.E (Department of Government Efficiency) under the Trump administration. This role aims to streamline federal operations and reduce inefficiency, subsequently bringing more attention to DOGE.

Given these developments, Dogecoin's future growth potential seems promising. However, as with all cryptocurrencies, its value remains subject to market volatility, social media hype, and other speculative influences.

Pros:

• Low transaction fees, suitable for microtransactions
• Strong community support and widespread popularity
• Fast transaction speeds compared to Bitcoin
• Backed by notable figures, including Elon Musk

Cons:

• Unlimited supply reduces scarcity and long-term value potential
• Limited use cases compared to advanced blockchain ecosystems
• Value driven by social media hype and trends
• High risk factor

6. XRP

With $126.5 billion dollars in market cap, XRP has been a standout performer in 2024. Ranked among the top 10, the coin gained over 290% in 2024, mostly in the last month.

XRP surged because of the anticipation of winning the legal battle against SEC and the launch of its new stablecoin, RLUSD. XRP expects leniency after the potential shift in the SEC leadership.

Pros:

• Fast transaction speeds (3-5 seconds per transaction)
• Extremely low transaction fees, ideal for cross-border payments
• Backed by Ripple Labs, with partnerships in banking and finance
• Focused on solving real-world problems in remittances
• Expanding ecosystem to new stablecoin, RLUSD

Cons:

• Regulatory uncertainty due to ongoing SEC lawsuits

7. ADA

ADA price almost doubled in 2024 with its market cap reaching $31.5 billion. Ranked #9, ADA showed bullish momentum in the last month of 2024. Despite the bullish market trends, ADA could not break above its previous highs.

However, owing to its institutional backing, ADA has the potential to update its all-time high once the market cap trickles down to the altcoins.

Pros:

• Energy-efficient Proof of Stake (PoF) consensus mechanism
• Strong focus on academic research and peer-reviewed protocols
• Scalable through Hydra Layer-2 solutions

Cons:

• Slower development pace compared to competitors
• Limited adoption of dApps compared to Ethereum or Solana

8. Shiba Inu

Shiba Inu is the second major memecoin with respect to marketcap. The memecoin gained over 200% in 2024 with its market cap peaking at $12.8 billion. Shiba Inu is based on the Dog-themed memecoins category.

If the price of Dogecoin goes up, as anticipated by the crypto community, it will be reflected on other meme coins like Shiba Inu as well.

Pros:

• Strong community-driven ecosystem with millions of holders
• Expanding utility through projects like Shibarium (Layer-2 network)
• Low transaction fees on Shibarium compared to Ethereum
• Growing adoption for payments with merchants like BitPay
• Deflationary model

Cons:

• Extremely large token supply dilutes scarcity and value
• Relatively limited real-world utility outside of its community-driven initiatives
• Whales and hype determine the price

9. Toncoin

Toncoin is the native token of the Layer-1 Ton Network. With 500 million community members, Toncoin serves as a utility token on the proof-of-stake (PoS) consensus model. TON is reflecting the bullish market and soaring on a bullish trajectory.

In 2024, the token gained over 200% price gain and has the potential to grow more during the expected alt season.

Pros:

• Developed by Telegram, leveraging a massive user base
• High transaction speed and scalability due to its sharding technology
• Low transaction fees, ideal for microtransactions and payments

Cons:

• Relatively centralized due to its early development phase
• Limited ecosystem compared to more established blockchains

10. Render

Render is the leading AI token that provides AI-based GPU rendering solutions. The coin gained a 190% price rise in 2024 with a market cap of $5.24 billion.

The price of Render went for a major correction after the March bullish price rally. The price started recovering in December 2024.

Pros:

• Decentralized rendering platform for efficient GPU utilization
• Supports industries like film, gaming, and virtual reality
• Incentivizes contributors with RNDR tokens for sharing GPU power

Cons:

• Technical complexity may limit ease of use

Top Crypto Narratives in 2024

Top Performers:

• RWA (Real-World Assets) leads with 595% growth, highly relevant.
• Derivatives showed 412% performance
• LSD (Liquid Staking Derivatives) L2 gained 298%, fueled by Ethereum staking and scaling solutions.

Mid-Tier Performers:

• Identity-related projects grew 205% due to the focus on decentralized ID solutions.
• Bitcoin narrative gained 142% with highly sustained investor trust.
• DeFi 2.0 (Decentralized Finance) recorded a solid 103% growth.

Underperformers:

• Layer-2 solutions (L2s) posted only a 7% increase.
• NFTs and Real Yield saw negative performance of -26% and -29%, respectively.

Crypto Regulatory Landscape 2024

2024 started as a tough year for crypto. Changpeng "CZ" Zhao stepped down as Binance CEO in November 2023, and Sam Bankman-Fried was found guilty of 7 counts of conspiracy and wire fraud a few months later, in March 2024.

Luckily, cryptocurrency prices showed resistance against these FUDs. The actual uptrend started in June when BlackRock’s iShares Filed for Spot Bitcoin ETF. Hong Kong had already approved BTV Spot ETFs. This regulatory shift in favor of crypto played a major role in the bullish price momentum.

The European Union implemented the Markets in Crypto-Assets (MiCA) regulation, under which all asset-referenced tokens (ARTs) and e-money tokens (EMTs) businesses are subject to these rules. The rules clearly stated that MiCA does not consider algorithmic stablecoins ARTs, as they lack assets backing them. MiCA will be enforced on December 30, 2024, prompting exchanges like Coinbase to delist USDT.

India eased previous restrictions by implementing a 0.5% Tax Deducted at Source (TDS) on crypto transactions and UAE continued to become the main attraction for crypto enthusiasts.

Trump's presidency in the United States has created a safer environment for the cryptocurrency market, as he aims to make the U.S. the world's "crypto capital." Moreover, with crypto antagonist Gary Gensler leaving his position as SEC Chair, Trump is expected to replace him with someone like Paul Atkins. Nevertheless, 2025 is expected to further ease regulations for crypto and boost its adoption worldwide.

The State of DeFi in 2024

The DeFi TVL increased from $56 billion to $132 billion in 2024. The dominance of decentralized exchanges (DEXs) over centralized exchanges (CEXs) was 46.68%, with a total funding amount of $105.3 billion. Lido, AAVE, and Eigen Layer remained the top three DeFi players in 2024.

The market capitalization of the blue-chip DeFi fluctuated throughout 2024. Starting at approximately $10 billion, the aggregated market cap peaked at $17 billion in late February. However, significant volatility led to declines in April and July, reducing the market cap to around $8 billion by October.

NFTs and Gaming Tokens in 2024

NFTs and gaming tokens, which peaked during the post-pandemic era, struggled to capture headlines in 2024. However, blockchain gaming companies attracted $1.1 billion in investments during Q2 2024, more than tripling the previous quarter's amount.

Q1 2024 saw just $3.9 billion in trading volume compared to $12.6 billion in Q1 2022.

GameFi blue-chip tokens experienced high volatility in 2024. Prices peaked at around $2.50 in March before declining through mid-year. The Q4 2024 bull run helped push prices back onto a bullish trajectory.

In 2024, NFT trade volumes peaked in Q1, with $600 million in activity recorded in March. The main contributors were Ethereum (dominant), Solana, and Bitcoin. Volumes fell below $200 million per month mid-year. Following Trump’s election win in November, the crypto market recovery drove a rebound in NFT trade volumes, reaching $300 million. Polygon and Immutable gained massive traction during this period, while Ethereum consistently led NFT trade volumes.

Crypto’s Impact on the Environment in 2024

Bitcoin mining continues to consume vast amounts of electricity and leave a significant carbon footprint. In 2024, Bitcoin mining consumed approximately 91.2 TWh of electricity, down from 105 TWh in 2023, thanks to increased reliance on renewable energy sources.

Ethereum’s shift to Proof of Stake reduced its energy usage by over 99.9%.

According to the Cambridge Bitcoin Electricity Consumption Index, reliance on renewable energy for Bitcoin mining is 58%. Despite these improvements, miners must explore ways to utilize renewable energy resources and further minimize environmental impacts.

Crypto and Web3 in 2024

Although Web3 is becoming more popular and gain traction, 54% of Americans have never heard of Web3. This indicates a substantial knowledge gap about the next version of the internet which empowers users through decentralization, security, and the ability to create for netizens and own their content. The global Web3 market was valued at $2.18 billion in 2024, with projected growth to $65.78 billion by 2032.

While investing in Web3 projects has become common, the domain remains far from mainstream adoption, even in 2024.

Ethereum remains the largest backing project for supporting dApps, but high gas fees and limited TPS hinder its scalability for business applications. For Web3 to grow in 2025, it must overcome its limitations of gas fees, transaction speed, user interface complexity, liquidity, and governance challenges.

Conclusion

2024 was a bullish year for crypto, with explosive growth across the sector. Bitcoin recorded its all-time high of $104k, contributing to a 128% increase in market cap. The approval of BTC ETFs drove the market on a bullish trendline, spurring increased institutional interest.

Despite ongoing challenges such as environmental concerns and regulatory hurdles, the sector maintained momentum with consistent green candles. With Trump's return to office in 2025, crypto regulations are expected to ease, creating a more favorable environment for continued growth and mainstream adoption.

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