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REPORT | Bitcoin Outperformed All Asset Classes in 2024, Says Latest CoinGecko Report

The fourth quarter of 2024 was a historic period for Bitcoin (BTC), as it surged past the $100,000 mark for the first time in December 2024.

It peaked at $108,135 before pulling back slightly to close the year at $93,508, marking a remarkable 121.5% gain from its value at the start of the year.

Bitcoin’s rally gained momentum after rebounding from a Q3 2024 low of $54,000, with a significant boost following Donald Trump’s victory in the U.S. presidential elections. The rally was further fueled by the U.S. Federal Reserve’s rate cuts and market anticipation of continued monetary easing into 2025.

Average daily trading volume surged from $31.1 billion in Q3 2024 to $62.6 billion in Q4 2024, a +101.3% quarter-over-quarter increase. On December 6 2024, Bitcoin’s spot trading volume hit $190.0 billion – the highest of the year – as it broke past the $100,000 milestone.

  • Equities posted solid gains in Q4 2024, with the NASDAQ leading the way with an +8.0% increase, followed by
  • a +3.0% rise in the S&P 500.
  • The U.S. Dollar Index (DXY) also performed strongly, climbing +7.0% due to the weakening of other major currencies. Among these,
  • the Japanese Yen (JPY) suffered the steepest decline, dropping -8.0% and wiping out the gains from the unwinding of the Yen carry trade.

 

According to the report, correlation between bitcoin and total crypto market cap rebounded to 0.99 in 2024 Q4 2024, after having declined to 0.94 in Q3 2024.

At the same time, the leading cryptocurrency maintained its dominance over other cryptos with a slight increase of +0.9% in Q4 2024.

In 2024, total crypto market cap almost doubled, increasing by +97.7%. It peaked at $3.91 trillion in mid-December, before consolidating at $3.40 trillion.

That said, $XRP experienced the most significant growth, rising by +2.0% to claim 3.5% of the market share. This surge propelled $XRP from #7 to #4 in the rankings, surpassing both BNB ($BNB) and Solana ($SOL).

DogeCoin ($DOGE) also had a good close of the year entering the top 7 cryptocurrencies by market cap in Q4 2024, displacing USDC ($USDC). This marks the first time since April 2021 that $USDC has fallen out of the top 7.

Meanwhile, Ethereum ($ETH) continued to lose market dominance, declining from 13.4% in Q3 2024 to 11.8% in Q4 2024 – its lowest level since April 2021.

 

 

 

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