Mid-2024 Milestones: Surging Hotspots and Future Prospects
As we reach the halfway point of 2024, the crypto market has experienced its share of ups and downs, weaving a compelling narrative for the past six months. The market has been abuzz with various hotspots: the launch of Bitcoin spot ETFs drew in a frenzy of capital, a wave of MEME projects brought bursts of wealth, and top-tier projects ZK and L0 stirred the community with their airdrops… However, the market remains shrouded in uncertainty. Sentiments like “crypto is over” and “the bull market is gone” tug at users’ heartstrings, suggesting a market collapse is just a hair’s breadth away. Everyone is waiting for the market to write its next chapter. So, let’s look back at the highs and lows of the past half-year and see what new stories the second half of the year might bring.
Innovative Projects and New Narratives in the First Half
The total market cap of the crypto market rose from $1.773 trillion at the beginning of the year to the current $2.3698 trillion. The top two cryptocurrencies, BTC and ETH, also saw significant gains, with Bitcoin up 45.39% and Ethereum up 48.52% from the start of the year. In a nutshell: “progress amidst twists and turns.”

The Rise of MEME

“Investing in value coins leads to empty promises; better to go all-in on MEME and live like a king.” The MEME sector undoubtedly shone the brightest in the first half of the year. PEPE saw a meteoric rise, increasing severalfold in just a week, while phenomenon-level MEMEs like HATDOG and BOME continually hit new highs. The innovative launch platform Pump.fun, which allows for the fully decentralized issuance of MEME assets, garnered significant attention. It recorded a single-day revenue peak of $1.9 million, surpassing the Ethereum network’s daily earnings.

According to Biteye data, the MEME sector’s returns have been spectacular, far outpacing the rest of the crypto market. In the previous bull run, most retail investors missed out on the astronomical gains of DOGE and SHIB, learning that consensus is the greatest value—akin to gold. In a bull market, it might be wise to lower one’s intelligence and follow market sentiment to achieve immense wealth. As the market potentially shifts back to the MEME sector in the second half, a new wave of enthusiasm is eagerly anticipated.

The Dance of the Bitcoin Ecosystem

Since November last year, the Bitcoin ecosystem has been on fire. The new asset issuance protocol BRC20 gained immense popularity, bringing fresh attention to Bitcoin’s new narratives and innovations. In the first half of this year, the Bitcoin ecosystem performed exceptionally well, especially with several major airdrop projects yielding substantial returns for users. Compared to recent top-tier airdrop projects, these returns seemed generous, prompting questions about whether the EVM interaction and airdrop model are fading. Could the Bitcoin ecosystem’s airdrops be more suitable for smaller investors compared to Ethereum’s? In April, the Rune protocol launched on schedule, with various runes flourishing initially, and DOG now firmly occupying the top spot, showing a stable upward trend. Although older BRC20 tokens like ORDI and SATS have been flat recently, newcomers like PIZZA have emerged, demonstrating the Bitcoin ecosystem’s continued robustness.
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Impact of ETFs & Regulatory Shifts

The Bitcoin spot ETF has brought a significant influx of outside capital into the crypto market. As of now, ETF total holdings have reached $53 billion, with BlackRock’s Bitcoin spot holdings surpassing Grayscale, indicating deeper involvement from traditional Wall Street institutions in the crypto market. The clash of old and new markets has amplified the impact of regulatory news, making the crypto market more attuned to macroeconomic indicators—quite a departure from previous bull markets. Another focal point, the approval rate for the Ethereum spot ETF, skyrocketed from 7% to 75% overnight on May 24, with ETH prices repeatedly breaching the $3,800 mark. Companies like BlackRock removed the staking component from their ETF proposals, signaling a compromise to the SEC’s classification of ETH as a security. With BlackRock leading the way, countless traditional institutions are entering the market, seemingly opening the door to a tokenized financial world.

Meanwhile, both Trump and Biden have shifted their stance on the crypto market, igniting the “crypto election” battle. For candidates, the crypto industry is merely a tool, but in the crypto world, traffic and consensus reign supreme. The secondary market moves with the wind, with MEME coins featuring Biden and Trump as IPs creating an alternative betting ecosystem. In the second half of the year, the long-awaited ETH ETF is set to debut, and the potential pro-crypto policies of upcoming elections could see cryptocurrencies gaining a stronger foothold on the national stage in the US.
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Innovation in the SOL Ecosystem

Ethereum has always been seen as the source of innovation, but Solana’s recent new features seem to point towards large-scale application directions—Blink. This latest feature can convert on-chain operations like transactions, voting, payments, minting, etc., into a shareable link or QR code, allowing users to complete these on-chain actions directly on Twitter without switching pages. Blink provides project teams with more convenient development tools for fair launches, with fundraising and launches being pushed directly to the public through social media via Blink-generated links. Blink might bring Solana its ICO moment. Additionally, similar to the SocialFi project Farcaster, which was hot in the first half, Blink has introduced creator tipping mechanisms and potential social e-commerce models. Solana’s official push for Blink middleware at this time, personally venturing into payment, DePIN, AI, and other highly real-world connected sectors showcases its grand vision and ambition. Simultaneously, VanEck’s SOL ETF application adds another layer of optimism for Solana. Regardless of the outcome, it’s seen as significant progress, and combined with Blink’s butterfly effect, it’s poised to open a new narrative chapter.

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The Resilience of the TON Ecosystem

According to DefiLlama, as of July 1, TON’s mainnet TVL has surpassed $700 million, and TON’s price has tripled since the beginning of the year. Backed by Telegram’s 900 million active users, the TON ecosystem’s unique advantage lies here. The TON ecosystem has long been criticized for Telegram’s platform system not providing much support. However, with moves like using TON to settle Telegram platform ads and launching Ton space this year, the TON token has been empowered with true value, achieving deep integration with the Telegram platform. After opening payment channels, Telegram started promoting mini-applications that don’t require installation, sparking a surge in mini-games like Notcoin, Hamster Kombat, Catizen, etc. With official traffic support, both TON’s TVL and the market cap of ecosystem projects have shown explosive growth, standing out in the currently subdued market.

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Conclusion

Despite the recent market calm, a keen eye will still notice many positive factors brewing. The second half of 2024 is still filled with ups and downs and surprises. By staying optimistic during quiet times, keeping an eye on opportunities, and actively participating, rewards are just around the corner.