January 18, 2024
The State of Crypto Report 2023
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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