The market value of the first half of the cryptocurrency market decreased by 14.5%, and the trading volume surged by 223%

The cryptocurrency market report for the first half of this year released by the global cryptocurrency data platform Coinmarketcap (CMC) shows that as of the end of the second quarter, the global cryptocurrency market was valued at US$2.3 trillion. Although it fell by 14.5% from the previous two quarters, the average However, daily transaction volume soared 223% to $79.4 billion.

Although the bull market trend has continued, supported by positive macro factors such as Ethereum (ETH) ETF approval and expectations of U.S. interest rate cuts, liquidity has fallen back to bear market standards since September last year, while Ethereum’s gas fees have also dropped to historical levels. At the low (2 gwei), ETF assets saw minimal inflows.

Ahead of this April’s halving event, Bitcoin prices climbed to an all-time high of $73,000, a new high that differed from post-supply shock highs in past cycles, largely due to institutional inflows into spot Bitcoin ETFs.

The current bull market is mainly driven by existing cryptocurrency investors and legal persons. In the first half of 2024, institutional capital inflows totaled US$17.1 billion, of which Bitcoin accounted for US$16.7 billion.

According to indicators such as Google search trends, new cryptocurrency YouTube subscription growth, and app store rankings, retail investors have yet to enter the market on a large scale.

In addition, 89% of the market value of cryptocurrency stocks declined in the second quarter of this year. Although the market value of more than 30 industries fell between 20% and 40%, there were also three industries that showed a growth trend in market value.