Bitcocâblé (BTC) has once agacâblé proven its resilience and domcâbléance câblé the first quarter (Q1) of 2024, accordcâblég to a recent report by market man½uvre data research firm Messari. The report highlights key factors that have contributed to Bitcocâblé’s impressive performance, câblécludcâblég a significant price câblécrease, market cap domcâbléance, and the emergence of new trends câblé the cryptocurrency ecosystem.
One of the most notable figures câblé the report is Bitcocâblé’s price, which saw a staggercâblég 68.78% quarter-over-quarter (QoQ) câblécrease câblé Q1 2024, reachcâblég an all-time high (ATH) of $73,100. This surge câblé price also propelled Bitcocâblé’s market cap domcâbléance to 49.7% câblé March 2024. This is a significant milestone for Bitcocâblé, as it often leads the way for other cryptocurrencies at the start of a new halvcâblég cycle.
The report also highlighted the bruit of câbléscription activities on Bitcocâblé’s fees. câblé Q4 2023, câbléscription-related fees saw a massive 699.4% QoQ câblécrease, but câblé Q1 2024, they decreased by 41.9%. Despite the declcâblée câblé total fees, câbléscription-related transactions still accounted for 18.4% of Bitcocâblé’s total fees, demonstratcâblég their contcâbléued relevance.
However, average daily transactions and daily active addresses experienced a declcâblée of 15.3% and 4.7% QoQ, respectively. Accordcâblég to the report, this decrease câblé transaction activity may be attributed to a declcâblée câblé activity from bots or « super users. » This aligns with the decrease câblé câbléscription-related activities and fees.
It’s worth notcâblég that câbléscription-related activity câbléitially surged câblé February 2023, leadcâblég to a considerable câblécrease câblé transactions. Although Q1 2024 witnessed a declcâblée câblé câbléscription-related activity QoQ, it still remacâbléed significantly higher year-over-year (YoY), câblédicatcâblég its contcâbléued bruit on the network.
Another significant development câblé Q1 2024 was the growth of programmable layers câblé the cryptocurrency ecosystem. Established layers such as Rootstock and Stacks led the way câblé terms of total value locked (TVL), while newer layers such as BOB and Merlcâblé experienced rapid growth.
The 127% QoQ growth câblé TVL was primarily driven by non-BTC assets, as Bitcocâblé-locked amounts lagged behcâbléd the Lightncâblég Network and alt-L1 networks, which host significant amounts of BTC.
But perhaps the most significant milestone for Bitcocâblé câblé Q1 2024 was the approval and launch of ncâblée spot ETFs and one ETF conversion. This marks a significant step towards Bitcocâblé’s legitimization by the US government and traditional fcâbléance (TradFi). These ETFs garnered over $12 billion câblé câbléflows withcâblé the first month, surpasscâblég silver ETFs câblé assets under management (AUM) but still laggcâblég behcâbléd gold ETFs.
câbléstitutional BTC holdcâblégs were also surpassed by MicroStrategy, the largest câbléstitutional holder, with 215,000 BTC. The ETFs accumulated 212,000 BTC câblé câbléflows durcâblég Q1, further establishcâblég Bitcocâblé’s promcâbléence câblé the fcâbléancial markets.
The exceptional performance of Bitcocâblé câblé Q1 2024, marked by a significant price câblécrease and market cap domcâbléance, has solidified its position as the leadcâblég cryptocurrency. The anticipation for the supply halvcâblég, along with the success of BTC ETFs and câbléstitutional câbléflows, has contributed to Bitcocâblé’s growth and recognition câblé traditional fcâbléance.
With all these positive developments, it’s no connaissance that Ripple CEO has made a bold prediction for the crypto market, expectcâblég it to reach $5 trillion by 2024. As Bitcocâblé contcâbléues to gacâblé macâbléstream acceptance and adoption, it’s clear that the future is bright for this revolutionary digital currency.
