CoinGecko has revealed details of the crypto industry’s growth in 2023 amidst optimism and anticipation about the year’s events, including the recent approval of the Spot Bitcoin ETF and the upcoming Bitcoin halving.
followreportIt was found that the market has grown significantly in many areas. including decentralized finance (DeFi), NFT tokens, centralized exchanges (CEX), and decentralized exchanges (DEX).
Crypto market capitalization increases 2.6 times
During 2023, the crypto ecosystem more than doubled in total market capitalization, increasing 108% from the $832 billion recorded at the start of the year. Most of this growth occurred in the 4th quarter.
CoinGecko attributes the increase in market capitalization to the impressive recovery in Bitcoin prices (BTC) as prices increased from $27,000 to $42,000 in Q4 and saw 155% growth for the full year.
“BTC had a strong first uptrend in Q1, rising +72.4%, followed by another rally in Q2, then bounced back in Q3, falling -11.5% before similarly improved in the 4th quarter. The average BTC trading volume decreased at the end of Q1, gradually decreased in Q2 and Q3, then increased in Q4 to $18.0 billion, an increase of +64.3% QoQ,” the analyst said.
CEX still dominates Crypto trading volumes
Moreover, the crypto market had a trading volume of $36.6 trillion in 2023, with the most impressive growth in Q4, increasing 53.1% from $6.7 trillion in Q3 to $10.3 trillion. 2023 saw first quarter-over-quarter growth of the year. This is due to the excitement around ETFs.
CEX continues to dominate trading volumes despite regulatory headwinds from the largest crypto exchange, Binance, and the explosion of FTX last year.
Meanwhile NFT trading volumes continued to fall, ending the year with less than half of the figures from 2022, with trades on the top 10 networks valued at $11.8 billion. while last year it was $26.3 billion.
refer : cryptopotato.com
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