Binance – Market pulse, Jan 2024

In the fourth quarter of 2024, the crypto industry experienced a positive turnaround. Institutional interest in cryptocurrencies increased, and there was a positive sentiment surrounding the approval of spot Bitcoin exchange-traded funds (ETFs). As a result, the market capitalization of cryptocurrencies grew by 54.4% compared to the previous quarter. During this period, Layer 1 and Layer 2 solutions gained traction and popularity. Various service providers offered rollup stacks, making it easier for developers to deploy their own customized blockchain networks. The decentralized finance (DeFi) sector also saw growth, with the total value locked (TVL) increasing by 38.9% to reach US$53.4 billion. This growth was fueled by a risk-on sentiment displayed through increased activity in meme coins and airdrop farming. The NFT sector also benefited from the overall market euphoria, with Bitcoin-based NFTs gaining the most traction in terms of trading volume. In the gaming industry, BNB Chain, Ethereum, and Polygon were the leading platforms, accounting for approximately 66% of the market share in terms of the number of games available.