2024 Q2 Cryptocurrency Industry Report: DeFi Market Value Decreases by 20.7%, NFT Trading Volume Drops by 31.8% Compared to Previous Quarter

In the second quarter of 2024, the total market value of the cryptocurrency market was $2.43 trillion, a decrease of 14.4% from the first quarter, but it is striving to grow or at least maintain its level. Bitcoin mining power reached a new historical high of 721 million TH/s, but overall fell by 18.8% in the second quarter of 2024. The total market value of DeFi decreased by 20.7%, but after approval from US Securities and Exchange Commission for spot ETH ETFs, DeFi industry bounced back above $100 billion. NFT trading volume dropped by 31.8% month-on-month while Layer-2 adoption rate increased by 37.7%.