Bitcoin saw an impressive 48% increase in the first half of 2024. The year began with Bitcoin priced at $42,283, and it surged to $73,777 by March, reflecting a 74.48% rise. Despite this peak, Bitcoin ended June at $62,772, down 14.91% from its March high.
The primary factors driving the cryptocurrency market during this period were Exchange Traded Funds (ETFs), Bitcoin halving events, and meme coins. The approval of a Bitcoin spot ETF in January spurred significant growth, signifying Bitcoin’s potential recognition as a major asset in capital markets similar to gold. This milestone attracted traditional financial institutions into the crypto space, marking a notable shift. By mid-year, the Bitcoin spot ETF had acquired $14.525 billion worth of Bitcoin.
On April 20th, Bitcoin underwent its fourth halving, reducing the block reward to 3.125 BTC. Historically, such events have led to price increases due to reduced supply. However, this halving did not result in an immediate price surge, likely due to a substantial pre-halving price rise. The long-term effects of this halving on Bitcoin’s value remain uncertain.
Meme coins significantly influenced the cryptocurrency market as well. These coins, popular among retail investors for their ease of access and viral marketing, recorded substantial gains. Former President Trump’s meme coin, MAGA, soared by 2696%, while DogeWifHat (WIF) and Pepe increased by 1478% and 813%, respectively. Other notable meme coins like Floki and Shiba Inu rose by 405% and 80%.
Interest in undervalued meme coins has grown, bringing new players into the spotlight:
1. Dogecoin20 (DOGE20): Marketed as a cleaner and greener Dogecoin, DOGE20 has risen 50% since its launch. Built on the Ethereum blockchain, it features faster transaction speeds, lower fees, and an energy-efficient Proof-of-Stake mechanism. The cultural significance of Doge Day and Bitcoin’s halving have positioned DOGE20 for further growth, with its market cap at $2.2 million as of July 9, 2024.
CMC: https://coinmarketcap.com/currencies/dogecoin20/
2. KittyInu (KITTY): An Ethereum-based meme coin with a cat theme, KittyInu has garnered strong community support through charitable activities and marketing campaigns. Its positive engagement has attracted significant investor interest, and its market cap stands at $1.9 million.
CMC: https://coinmarketcap.com/currencies/kitty-inu/
3. Slothana (SLOTH): Launched in April 2024 on the Solana blockchain, Slothana benefits from Solana’s fast transaction speeds and low fees. The coin’s limited presale and endorsements from prominent crypto figures have boosted its market cap to $13 million.
CMC: https://coinmarketcap.com/currencies/slothana/
4. Pigcoin (PIG): The leading meme coin on the Polygon chain, Pigcoin has over 500,000 holders and is listed on major exchanges like Mexc and Gate.io. With 96% of its 3 trillion total coins in circulation, Pigcoin’s market cap of $4 million suggests significant growth potential.
CMC: https://coinmarketcap.com/currencies/pigcoin/
Overall, the first half of 2024 was marked by the strong influence of ETFs, the enduring impact of halving events, and the dynamic nature of meme coins in the cryptocurrency market. These elements are expected to continue shaping the market’s future.
Published On: July 12, 2024
