Key Takeaways
- The total market capitalization of the entire cryptocurrency industry increased by 97.7% in 2024 and climaxed to $3.91 trillion in mid-December before consolidating to at least $3.4 trillion.
- Bitcoin, the flagship cryptocurrency, consolidated its position compared to other cryptocurrencies, accounting for over 53.6% of the total market capitalization before further increasing its dominance by 0.9% in December.
- The total market capitalization of AI-based tokens grew by 322.2% during Q4 2024, rising from $4.8 billion to $15.5 billion. The coins emerged last October with the launch of GOAT.
CoinGecko has released its annual crypto industry report for 2024. The report highlights Bitcoin’s great success following the approval of ETFs and growing interest in Memecoins and AI agents. CoinGecko co-founder Bobby Ong released the 2024 crypto industry report, predicting that 2025 would be a good year for the crypto community.
Bull Market Could Continue in 2025
The annual report highlights the remarkable journey of Bitcoin, especially after the January 2024 approval of Bitcoin ETFs, with the all-time winner being IBIT, which attracted over $100 billion into the cryptocurrency market. Speaking to a popular media house during the event, Ong stated:
“2024 was a testament to crypto’s meaningful progress in achieving TradFi and institutional recognition. After the past few challenging years, we look forward to the continued bull market in 2025.”
According to the 2024 crypto industry report, the combined crypto market capitalization grew by an astonishing 97.7% in the year to finish at an incredible $3.34 trillion. However, the momentum swung up and down throughout the year, with Q3 being the most tumultuous and slowing down the momentum. Nonetheless, Donald Trump’s November 5 electoral victory catalyzed a fresh impetus and Bullish market sentiment. The report highlights that the developments in US political history put the crypto industry in a global spotlight.
Bitcoin Accounted for Over 50% of Market Cap
Bitcoin, the flagship cryptocurrency, took the market lion’s share, perhaps due to its immense price hike and market dominance. Moreover, besides hitting the most impressive all-time-high price of over $108,000 in December 2024, Bitcoin performed in the world’s leading asset classes, such as gold and crude oil. According to CoinGecko, BTC accounted for over 53.6% of the industry’s market capitalization.
The crypto industry report further revealed that different blockchain networks competed shoulder to shoulder for users and developers, with AI-dominated coins and Memecoins leading the course. The report indicated that the number of transactions executed on Ethereum-based Layer-2 solutions surged by 48.3%. Nonetheless, Solana encountered the greatest success by being the most dominant blockchain for decentralized exchange trading. The Solana ecosystem dealt with over $220 billion, accounting for at least 30% of the market share.
Ong stated that artificial intelligence-based tokens also rose to become the dominant tokens in the bullish market, with the entire field taking following the launch of GOAT last October. The report reveals that the total market capitalization for AI tokens surged by 322.2% in Q4 to an astounding $15.5 billion.
Conclusion
The 2024 crypto industry report by CoinGecko highlights the picture of a rapidly expanding cryptocurrency market. This dynamic report shows that there was a lot of growth and transformation throughout the year that saw Bitcoin consolidate its dominant position, while new trends, especially involving the rise of AI agents and the role of Solana in DEX trading, redefined the entire ecosystem.
The regulatory developments in 2025 are expected to prepare the stage for another year where an exciting performance is anticipated. While it’s difficult to pinpoint how the future will exactly pan out, CoinGecko has maintained a bullish tone in its report and predicts a successful and positive momentum for the future of this otherwise volatile industry.
