With this growth, the firm estimated that the market reached approximately $2.27 trillion. This increase was mainly driven by a strong first quarter in 2024 and followed a robust performance in 2023.
The cryptocurrency and blockchain infrastructure provider, Binance, released its first semi-annual report for 2024, highlighting the growth of the crypto market. According to the firm’s research, the total cryptocurrency market capitalization experienced a 37.3% increase so far this year.
The report also emphasized Bitcoin’s performance compared to traditional assets. The cryptocurrency saw significant growth, fueled by key events like Bitcoin’s fourth halving and the approval of Bitcoin exchange-traded funds (ETFs) in the United States.
This approval generated over $14.7 billion in net inflows, contributing to a positive start for the cryptocurrency in 2024.
Additionally, stablecoins, designed to maintain a stable value relative to a reference asset like fiat currency, reached a peak market capitalization of $161 billion. This marked a significant recovery, just 14.5% shy of the peak achieved in April 2022.
BTC/USD
Furthermore, the report highlighted emerging synergies between Artificial Intelligence (AI) and cryptocurrencies, noting that investors and the community maintained a strong interest in these technologies during the first half of 2024.
“The convergence of AI and crypto technologies is becoming increasingly evident, with AI leveraging the advantages of cryptocurrencies, enabling secure and direct transactions without intermediaries or reliance on a single entity,” the firm stated in a release.