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The cryptocurrency market has seen significant maturation in 2024, according to a report by Coinbase and Glassnode, with notable progress in institutional adoption, spot ETFs, and blockchain transaction volumes. Billions of dollars flowed into spot Bitcoin ETFs, and there has been a marked increase in blockchain activity, which reflects deeper, more liquid, and sophisticated markets.
Stablecoins have surged in popularity, with their total market capitalization reaching an all-time high of around $160 billion. They are increasingly used across new and existing use cases, signaling broader utility within the crypto economy. Bitcoin’s volatility has dropped, with three-month spot price volatility at under 60%, significantly lower than the 130% seen in 2021. This shift shows a growing preference for higher-quality assets and less speculative trading.
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Ethereum has also experienced growth, particularly with the rise of layer-2 solutions like Coinbase’s Base, which have driven a fivefold increase in Ethereum transactions since early 2023. Despite ETH lagging behind BTC in terms of spot price performance, the Ethereum ecosystem is rapidly expanding, with daily active addresses increasing sharply. Ethereum also regained a significant market share of fee-earning layer-1 blockchains, jumping from 9% in late August to 40% in September.
The report underscores the fast progress of the crypto market in terms of accessibility and maturity, particularly through institutional investment and scaling innovations.
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