Following the highs of 2024’s first quarter (Q1), the crypto market confronted a retrace throughout the second (Q2). Regardless of this, Memecoins has remained the reigning champion of the marketplace for the final three months.
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Whole Crypto Market Cap Falls 14% In Q2
On Tuesday, CoinGecko launched its 2024 Q2 Crypto Business Report. Within the report, the crypto monitoring web site revealed that the whole market capitalization declined final quarter.
The overall crypto market cap dropped 14.4%, $408.8 billion, within the final three months. The crypto market closed Q2 with a market cap of $2.43 trillion, unable to make new all-time highs (ATH).
Comparatively, the whole crypto market cap reached $2.9 trillion in March. Throughout Q1, the market soared 64.5%, doubling Q3 2024’s progress.
In absolute phrases, the expansion of this quarter (+$1.1 trillion) was nearly double that of the earlier quarter (+$0.61 trillion). This was largely pushed by the approval of US spot Bitcoin ETFs in early January, sending BTC to a brand new all-time excessive in March.
Moreover, CoinGecko highlighted that the crypto market cap was outperformed by the S&P 500, which registered a 3.9% enhance. Consequently, the correlation between the whole crypto market cap and the S&P 500 plummeted from 0.84 in Q1 to 0.16 in Q2.
In Q2, crypto volatility remained excessive, with an annualized volatility of 48.2% for the whole crypto market cap. In the meantime, Bitcoin (BTC) and the S&P 500 noticed 48.2% and 12.7% volatility.
Memecoins Proceed Main The Market
Regardless of the market retrace, Memecoins stay the most well-liked narrative in Q2. In line with CoinGecko’s classes internet monitoring, the sector dominated the chart with a 14.3% market share.
Final quarter, Memecoins emerged as the most well-liked and worthwhile narrative. The sector delivered large returns within the first quarter of 2024, with a median return of 1,313% throughout the highest tokens.
Tokens like Dogwifhat (WIF) and Ebook Of Meme (BOME) turned market sensations, fueling the memecoin frenzy. These tokens had over 2,000% and 1,000% returns.
This quarter, the market noticed a Celeb memecoin frenzy. Public figures like Iggy Azalea, Caitlyn Jenner, and Andrew Tate joined the business amid controversial launches, hacks, and rip-off allegations.
Furthermore, the PolitiFi memecoins surged in reputation. Final week, these tokens outperformed most classes within the crypto market following Donald Trump’s failed assassination try.
4 out of the highest 15 hottest narratives have been memecoin-related, with Solana and Base memecoins registering an 8.44% and 4.61% share. In the meantime, cat-themed tokens overpowered Q1’s reigning champions within the sector, Canine-inspired tokens.
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This quarter, the feline-inspired tokens made it to the highest 15. The class ran remarkably this cycle, with tokens like Cat in a Canines World (MEW) and Popcat (POPCAT) surging over 200%.
Equally to Q1, Actual World Property (RWA) and Synthetic intelligence (AI) have been the second and third hottest sectors. RWA registered an 11.3% market share, whereas IA tokens noticed a ten.9% share of market consideration.
Featured Picture from Unsplash.com, Chart from TradingView.com
