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CoinGecko’s yearly report on the cryptocurrency sector highlighted that the market transitioned from a period of stagnation to one of recovery in 2023, demonstrating growth across all key metrics.
As per CoinGecko, the cryptocurrency market experienced notable expansion in 2023. The overall market capitalization surged by 108.1% throughout the year, rising from $851 billion to $1.72 trillion.
The trading volume within the crypto market totaled $36.6 trillion. The daily trading volume reached $58.9 billion in 2023, reflecting a 31.6% decline compared to 2022.
The fourth quarter of 2023 marked the most vigorous trading period, with daily trading volume averaging $75.1 billion, contributing an additional $10.3 trillion to the total. The primary catalyst for this heightened activity was the excitement surrounding spot Bitcoin ETFs, which persisted into early 2024.
Additionally, CoinGecko analysts observed year-over-year growth in the prices of several cryptocurrencies, specifically:
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The trading volume for NFTs in 2023 reached $11.8 billion:
- $4.5 billion in Q1;
- $2.7 billion in Q2;
- $1.4 billion in Q3;
- $3.2 billion in Q4.
Nevertheless, the annual performance of the NFT market in 2023 was 56% lower than that of 2022. Ethereum’s market share for the year declined from 90% in 2022 to 72.3% in 2023. Analysts attributed the gradual erosion of Ethereum’s dominance in the NFT space to the introduction of the Ordinals protocol, which enhanced trading volume on Bitcoin.
According to Binance Research, the Ordinals protocol and BRC-20 tokens increased Bitcoin’s dominance by 10% in 2023.
Сообщение Crypto Market Cap Grew by $869 Billion in 2023 появились сначала на CoinsPaid Media.
