Research Study
Q2 2024 Signals Report
A quarterly breakdown of key market metrics that could be affecting price and investor sentiment
by Fidelity Digital Assets
July 17, 2024 • 35 min read
Executive Summary
The digital asset market experienced several historic events during the first half of 2024, including an update on new digital asset ETPs, Bitcoin’s fourth halving, and the implementation of Ethereum’s Deneb-Cancun upgrade. In the latest installment of our quarterly Signals Report, we examine the aftermath of these events and how they have impacted the performance of bitcoin and ether in Q2.
At a high level, bitcoin began the second quarter of 2024 with healthy gains of roughly 70%. However, recent price action has resulted in negative returns in the months since. Comparatively, ether had been trailing bitcoin with its own gains at the end of Q1, eventually closing that gap following an update regarding the listing of spot ether ETPs. Other key takeaways highlighted in the report include:
- Both Bitcoin and Ethereum are still 50% higher than the start of the year despite recent negative returns.
- Bitcoin’s transaction count continues to rise while other monthly metrics fall, which may be related to the release of a new speculative protocol: Runes.
- The adoption of Layer 2 platforms on Ethereum has been impressive, with transactions increasing by around 20% in Q2—a positive indicator for the future of the network.
Access the full report now for a deeper dive into Bitcoin and Ethereum’s recent trends—and see which indicators point toward the early stages of a bull cycle for both assets:
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