# 2024 Panoramic View of the Crypto World

**Published by:** [Modular blockchain](https://paragraph.com/@modular-blockchain/)
**Published on:** 2025-01-18
**Categories:** #cex, #dex
**URL:** https://paragraph.com/@modular-blockchain/2024-panoramic-view-of-the-crypto-world

## Content

I. Market Review of the Crypto Market in 2024 The crypto market in 2024 was full of twists and opportunities, witnessing a multitude of intertwined evolutions from the approval of Bitcoin spot ETFs at the beginning of the year to the strong return of the bull market at the end.Early Year: Approval of Bitcoin Spot ETFs The news of the approval of Bitcoin spot ETFs by U.S. regulators stimulated market sentiment in Q1, pushing Bitcoin prices above 70,000,withdailytradingvolumesrisingabove200 billion. This breakthrough not only brought short-term optimism but also consolidated the mainstream status of crypto assets.Q2 and Q3: Consolidation Phase As the news of Bitcoin's halving failed to bring sustained gains, the market entered a疲软period. Bitcoin prices fluctuated between 50,000and60,000, with daily trading volumes falling back to between 100billionand200 billion.Q4: Bull Market Revival Expectations of Fed rate cuts and Trump's return to politics triggered a new round of euphoria in the market. In particular, the dual boost from the Meme craze and AI Agent narrative pushed Bitcoin prices above 100,000,reachingahighof106,074.11.II. The Importance of Exchanges Exchanges serve as the core hub of the crypto market, and their performance directly reflects market sentiment and trends:Centralized Exchanges (CEXs): Providing efficient trading experiences and diverse financial instruments, CEXs remain the preferred choice for most users.Decentralized Exchanges (DEXs): With the development of blockchain technology, DEX trading volumes reached $2 trillion in 2024, accounting for 2.98% of the total crypto market trading volumes, demonstrating the strong appeal of the decentralized narrative.III. Centralized Exchanges (CEXs): Competition and ChangeAnnual HighlightsBinance Maintains Leadership Despite a decline in market share from 42.2% at the beginning of the year to 32.7%, Binance remains the largest CEX globally in terms of trading volume. Its innovative strategies, such as the launch of Binance Alpha, have consolidated its leadership position in the spot market.Rise of MEXC and Bitget MEXC's market share increased by 9%, and Bitget's by 5%. Both quickly gained a foothold in the market by expanding their derivatives product lines and innovating user incentive mechanisms.Spot MarketBinance Remains Dominant With a 43% share of the total spot market trading volume of $76.88 trillion for the year, Binance demonstrated strong user stickiness and brand effect.Bitget Emerges as a Dark Horse Its spot market share increased by 8.06%, attracting a large number of users especially during the Q4 bull market, becoming a highlight in the spot sector.Bybit's Expansion Strategy Bybit listed over 50 spot assets in Q4, resulting in an 8.5% year-on-year increase in trading volume, further consolidating its position as a top exchange.Derivatives MarketSignificant Growth in MEXC's Share MEXC's share in the derivatives market increased by 10.4%, performing impressively, especially with its flexible leverage trading tools and user incentive policies.BingX's Dilemma Due to a hacker attack, BingX's derivatives market share declined by 6.01%, highlighting the security challenges faced by smaller exchanges.Future DirectionsTechnological Innovation: AI-Agent and Platform Coin Ecosystem Layout CEXs are actively exploring the integration of AI technologies, such as trading bots and personalized recommendation algorithms. The platform coin ecosystem has also become a highlight, with examples like Binance's BNB and Bitget's BGB showcasing the potential of platform coins in attracting users and enhancing stickiness.IV. Decentralized Exchanges (DEXs): Rise of the New GenerationAnnual HighlightsHyperliquid Becomes the New King Leveraging token issuance and on-chain innovation, Hyperliquid surpassed Uniswap in Q4 with a market share of 30.87%, a year-on-year increase of 27.86%. Its daily trading volume exceeded $12 billion, making it a star project during the bull market.Strong Rise of the Solana Ecosystem Solana stood out in 2024, with Raydium's market share increasing by 10.26%, becoming another major Layer 1 hotspot besides Ethereum. Meanwhile, Orca's market share declined by 4% due to intense competition.Advantages and ChallengesAdvantages: Decentralized Narrative and Innovation Drive DEXs have a natural advantage in attracting users seeking anonymity and flexible trading. Driven by the Meme coin craze and AI-driven narrative, on-chain projects have emerged, creating significant investment opportunities.Challenges: Erosion of Market Share for Established DEXs Established DEXs such as Uniswap and Pancakeswap experienced declines in market share to 21.85% and 3.39%, respectively, exposing issues with user experience and technological innovation.Potential and ChallengesPotential: On-Chain Projects and Emerging Narratives With the deepening development of Decentralized Finance (DeFi) and Web3 technologies, DEXs have immense development potential, especially in emerging sectors such as Meme coins and AI applications.Challenges: Improving User Experience and Security Key to the sustained growth of DEXs will be improving user interfaces, reducing transaction costs, and addressing potential security vulnerabilities.V. Platform Coins and Ecosystems: Winners and Losers in the Bull MarketPerformance of Platform CoinsOutstanding Performance of BGB Bitget's platform coin BGB soared 1308% from the beginning to the end of 2024, becoming the best-performing platform coin of the year.Decline of Established Platform Coins OKX's OKB performed poorly, with a year-on-year price decline of 9%, indicating the lack of innovation and ecosystem expansion by some traditional platform coins.Emerging DEX Platform CoinsAERO Surpasses 2000% Growth The AERO platform coin on the Solana chain emerged as the biggest winner in the bull market, reflecting the investment appeal of emerging ecosystems.Rise of RAY and CETUS Compared to traditional DEX platform coins like UNI and CAKE, RAY on the Solana chain and CETUS on the Sui chain showed significant growth, becoming representatives of on-chain narratives.Investment StrategiesIdentifying Potential Coins Investors should focus on a project's ecosystem layout, technological innovation, and community activity when selecting platform coins to avoid speculative traps.VI. The Next Steps for the Crypto MarketOverall Trend AnalysisDifferentiated Development of Centralization and Decentralization Centralized exchanges still dominate the spot and derivatives markets, but decentralized exchanges are continuously eroding market share through technological and narrative innovations.Investment Frenzy Driven by Narratives and Technology The Meme coin and AI Agent narratives in 2024 injected new momentum into the market, demonstrating the importance of technological narratives in crypto investments.Advice for InvestorsStaying Calm in the Frenzy The Fear of Missing Out (FOMO) in bull markets can easily lead investors to blindly follow trends, so risk assessment of hot projects is particularly important.Indicators to Consider Before Investing These include exchange security, platform coin liquidity, project team strength, and the sustainability of the ecosystem.Expectations for 2025Potential Impacts of the Macro Environment The policy directions of the Fed, the global economic situation, and blockchain regulatory policies will continue to influence the direction of the crypto market.Triggers for the Next Bull Market Potential technological breakthroughs (such as Layer 2 scaling) and new regulatory breakthroughs (such as more countries approving crypto ETFs) could be catalysts for the next bull market

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