The cryptocurrency market is on the verge of transitioning from the «enthusiasm» phase to the «euphoria» phase. This forecast analysts from Glassnode and Fasanara Digital made in their report on the state and prospects in the fourth quarter of 2024.
The report emphasizes the rapid recovery of the market after the bankruptcy of the FTX crypto exchange in November 2022. Since then, the market capitalization of bitcoin (BTC) has grown by 372%, and the dominance of — has increased from 38% to almost 60%.
At the same time, Ethereum’s (ETH) market share has decreased from 17% to 12.8%. The reason for this is low capital inflows and a decline in interest from retail investors.
The market sentiment was also improved by the emergence of the first spot bitcoin ETFs in the United States. Funds that offer such instruments currently manage assets worth $70.9 billion (about 5% of bitcoin supply). There was also a historic high of open bitcoin futures positions — $37.1 billion. There is an increase in the volume of spot trading in BTC.
Experts have noted a sharp increase in interest in the tokenization of real assets (Real World Assets, RWA). This trend is one of the key ones in the crypto market in the fourth quarter of 2024.
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