TechFlow news, on July 22, according to a recent report by Finery Markets, the institutional cryptocurrency market experienced significant growth in the first half of 2024, with total spot trading volume surging 95% year-on-year.
The report highlights that the first half of 2024 was a pivotal period for institutional adoption of cryptocurrencies. Rising Bitcoin prices and the launch of Bitcoin ETFs have driven higher institutional participation; Ethereum (ETH) trading volume grew 32% compared to the same period in 2023, and approval of ETH ETFs is expected to further boost market activity; VanEck's application for a Solana ETF underscores the trend toward diversification of crypto investment products.
Despite relatively lower institutional involvement, some altcoins such as TRX and BNB showed substantial growth, with spot trading volumes increasing 202% and 129% year-on-year respectively. In contrast, Ripple (XRP) declined by 18% year-on-year.
