January 18, 2024
The State of Crypto Report 2023
The State of Crypto Report 2023
The “2023 Annual Crypto Industry Report” highlights significant growth in the crypto market. Key points include:
- Total Market Capitalization: Increased by 108.1%, rising from $829 billion to $1.72 trillion. The fourth quarter of 2023 saw an average daily trading volume of $75.1 billion, a 91.9% increase from the previous quarter.
- Bitcoin’s Growth: Bitcoin grew by 155.2%, largely due to confidence in an ETF approval. It ended the year at $42,220, reaching a yearly high of $44,004.
- Ethereum’s Performance: Ethereum rose by 90.5%, ending at $2,294. It experienced its highest returns in Q1 2023 but was outpaced by Bitcoin’s growth.
- Solana’s Surge: Solana recorded a 917.3% increase, ending the year at $101.3. Its growth was attributed to various bullish factors, including high-profile airdrops and resilience post-FTX collapse.
- NFT Trading Volume: Stood at $11.8 billion, which is 44% of the 2022 figure. Ethereum remained the dominant chain for NFTs, but its market share decreased compared to 2022.
- Overall Crypto Trading Volume: Hit $10.3 trillion in Q4 2023, a 53.1% increase from Q3. The total trading volume for 2023 was $36.6 trillion, with centralized exchanges continuing to dominate despite challenges.
The report indicates a robust recovery for the crypto industry in 2023, with significant increases in market capitalization and trading volumes across various cryptocurrencies and NFTs.
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Author: Yaro C
Tagged bitcoin, bitcoin atm, coingenie, crypto