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Trends in the cryptocurrency market

Author

Listed:
  • Shilov Kirill

    (Gaidar Institute for Economic Policy)

  • Zubarev Andrei

    (Gaidar Institute for Economic Policy)

Abstract

2024 turned out to be one of the most significant years for the cryptocurrency market. The capitalization of the entire market reached its new highs in 2024 at $3.71 trillion in December, surpassing the peak of August 2022, when the crypto market was valued at $2.8 trillion. In 2024, Bitcoin was the main market driver, whose capitalization grew by more than 133% over the year, exceeding the $2 trillion mark, while the capitalization of the second largest cryptocurrency Ether increased by 57% (to $440 bn), stablecoins by 49% (to $200 bn), and all other altcoins together by 127.5% (to $830 bn). Bitcoin’s share of total market capitalization continues its gradual growth for the second year running: while in 2023 Bitcoin’s share of market capitalization averaged 47.3%, in 2024 it is already 54.8%. In price terms, Bitcoin in December exceeded the “psychological†mark of $100,000.

Suggested Citation

  • Shilov Kirill & Zubarev Andrei, 2025. "Trends in the cryptocurrency market," Published Papers ppaper-2025-1422, Gaidar Institute for Economic Policy, revised 2025.
    • Handle: RePEc:gai:ppaper:ppaper-2025-1422
    as

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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2025-1422.pdf
    File Function: Revised Version, 2025
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    More about this item

    Keywords

    Cryptocurrency market; Bitcoin; ETF; Altcoins;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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