Opinion: 2024 Is the “Summer of Bitcoin”

If 2020 is the summer of DeFi, then 2024 is the summer of Bitcoin, write Frank Chaparro, director of special projects at The Block, and Laura Vidiella of MNNC Group. Bitcoin's dominance has risen 10 percent since the beginning of the year, reaching 59 percent on Aug. 5 - a three-year high. Meanwhile, DeFi's dominance has plummeted, recently hitting its lowest level in three years. The article notes that this doesn't necessarily mean the “demise” of DeFi, as trading volume on decentralized exchanges reached an all-time high of 13.9% in July. In addition, after a surge in the spring, the number of new tokens launched on the DEX remained steady throughout the summer, thanks in part to the explosive growth of memecoin on Solana. Meanwhile, DEX futures trading volume as a percentage of CEX futures trading volume stands at 6.6% with 15 days left in the month.