2024’s QI has been quite an eventful one in the crypto space. Many tokens reacted to the approvals of spot Bitcoin ETFs, which saw many tokens rally hard. However, several factors, such as interest rates and wars, have also contributed to the price fluctuations over the period.
Bitcoin Price Review
Bitcoin (BTC) gained tremendously over the period in attribution to the spot ETF approvals. According to stats provided by CoinMarketCap, Bitcoin increased its valuation by half over the period as it traded at $66,716 as of press time, with a market cap of $1.3T.
After launching on January 11, BlackRock’s IBIT spot bitcoin exchange-traded fund (ETF) has seen inflows of almost $15 billion in only three months. IBIT’s outstanding success in Q1 can be due to investors’ strong desire for exposure to *BTC*, as seen by this achievement, which ranks it among the top 100 ETFs by assets under management (AUM).
NEW:
BlackRock launches massive #Bitcoin ETF advertisement on the Bloomberg homepage. $IBIT took $15 Billion in 3 months and they want more! pic.twitter.com/H5cwkBLPJe
— Bitcoin Archive (@BTC_Archive) April 11, 2024
Ethereum Price Review
Ethereum (ETH) has also had a good Q1 as it also managed some notable gains over the last three months, echoing Bitcoin’s performance. According to stats provided by CoinMarketCap, the Ethereum price jumped by 28% over the three months to stand at $3,263 while its market cap stood at $391B as of press time.
Ethereum’s pump over the period can be attributed to anticipation of *ETH* spot ETF approvals. Many big institutions have applied for Ethereum ETF, an event that has seen renowned enthusiasm for the altcoin king as many anticipate the approvals are coming soon. This comes as Hong Kong just approved its first Ethereum ETF.
Spot Bitcoin and Ethereum ETFs approved in Hong Kong, one of the core pillars of global finance
pic.twitter.com/Xyts89Mz6c
— Matt Willemsen (@matt_willemsen) April 15, 2024
Solana Price Review
Solana (SOL) is also another top gainer in 2024’s Q1. According to stats provided by CoinMarketCap, the *SOL* price jumped by 63% over the three months while its market cap stood at $69B as of press time.
Solana’s surge over the month can be attributed to its network growth buoyed by the recent explosion in Solana meme coins. The likes of Dogwifhat and BOME have shown tremendous growth over the period as meme coins generally exploded in 2024’s first quarter.
@solana has proven to be stronger than every other crypto currency, in Nfts,shit/meme coins,tx,performance.e. t.c what is there not to be bullish about?
pic.twitter.com/yoY28Uakbp
— .
(@Jupiterboy__) May 8, 2023
Toncoin Price Review
Toncoin (TON) has also doubled over the last three months as the token posted notable gains in Q1. According to stats provided by CoinMarketCap, the Toncoin price, standing at $7, jumped by 109% over the three months while its market cap stood at $69B as of press time.
The surge in the altcoin over the period can be attributed to its network’s impressive growth over the period. According to Toncoin’s founder, on April 12, the number of accounts (smart contracts) on Ton blockchain doubled over 30 days, evidencing the excellent network activity being seen.
Dogecoin Price Review
Dogecoin *DOGE* has also seen tremendous gains over the period as the meme coin saw a two-fold surge over the last three months. As per stats provided by CoinMarketCap, the Dogecoin price, standing at $0.165, jumped by 201% over the three months while its market cap stood at $69B as of press time.
Dogecoin’s impressive performance can be attributed to the rise in meme coins generally, which is commonly termed meme season. With the meme coin season starting in February, the number of new tokens launched in March 2024 spiked to 195,735 to hit a new high.
The latest analysis report by @coingecko highlights interesting facts about the #crypto market.
There are over 2.52 million cryptocurrencies in 2024 to date. This is 5.7 times more than the 0.44 million cryptocurrencies around at the end of 2021.
— KimberLite Token (@KimberliteToken) April 15, 2024
Source: https://blockchainreporter.net/2024s-q1-market-review-btc-eth-sol-ton-doge/