In the first half of 2024, MicroStrategy’s stock (MSTR) stood out in the market with triple-digit gains, leading the way for other crypto-related equities and Bitcoin miners’ stocks. According to CCData’s ‘2024 H2 Outlook’ report, MSTR saw a significant 380% surge due to its substantial Bitcoin holdings, currently valued at $13.3 billion.
Other notable performers included Coinbase (COIN) and Robinhood (HOOD), with gains of 329% and 122%, respectively. Crypto mining stocks like Hut 8 Corp (HUT) and Bitfarms Ltd (BITF) also experienced a strong recovery post-April’s halving event, outperforming Bitcoin itself.
Spot BTC ETFs have seen increased institutional adoption, attracting $14.41 billion in inflows and pushing total net assets to $53.56 billion. The IBIT ETF alone captured over 1.5% of Bitcoin’s market cap.
The centralized exchange (CEX) sector witnessed significant growth in the first half of the year, with an aggregate spot volume of $10.6 trillion, marking a 145% increase from H2 2023. Bitget, Crypto.com, and Bybit saw notable market share increases, while Coinbase experienced minor declines.
Looking ahead to the second half of 2024, the market outlook remains positive. Expected Fed rate cuts, the upcoming launch of the Ethereum (ETH) ETF, and increasing regulatory clarity in the U.S. and EU are viewed as key catalysts for further market growth. AMBCrypto’s July outlook report also highlighted bullish prospects for Bitcoin and memecoins in the coming months.