CoinGecko's quarterly market capitalization will grow from an average of $77 billion at the end of 2022 to $406 billion in the first quarter of 2023, halving to $1.2 trillion in the first quarter of 2023. . bottom. There was also an increase in January, but the largest increase was in March. CoinGecko analysts believe that the increase in trading volume in the crypto market is largely due to increased volatility caused by the US banking crisis. However, that number dropped in late March when Binance suspended its commission-free trading program. Additionally, the report points out that Bitcoin grew by 72.4% withinside the first region of 2023. Early cryptocurrencies outperformed all traditional asset classes, with most ending the quarter well. For example, the NASDAQ index rose 15.7% and gold rose his 8.4%.
Meanwhile, the stablecoin market did not peak in 2023. Overall, the market capitalization of the top 15 stablecoins dropped 4.5% in Q1, losing $6.2 billion. The biggest loss was Binance USD (BUSD), which lost 54.5% of its cap due to the forced suspension of coin issuance at the request of US regulators. The USD coin (USDC), which temporarily lost its linkage with the dollar due to the bankruptcy of Silicon Valley Bank, fell 26.9%. At the same time, Tether (USDT) strengthened its market position, increasing its market cap by 20.5% to $13.6 billion.
The total capitalization of the DeFi sector increased to his $29.6 billion, and in the first quarter of 2023 he achieved 65.2% growth. A key driver of the sector has been the liquid staking protocol, with Ether surged 210.9% of his 210.9% due to Shapella's aggressive preparations for the upgrade. NFT trading volume also surged in the first quarter of 2023, growing 68% to $4.5 billion. More than 70% of his NFT trading volume came from OpenSea's main competitor, the Blur marketplace, which saw a significant drop in market share.
CoinGecko analysts say total trading volume on cryptocurrency exchanges will grow 18.1% to reach $2.8 trillion in Q1 2023, with centralized exchanges outperforming DEXs in terms of growth Regulatory pressures face significant challenges. His DEX volume increased by 33.4% in Q1 2023, but his CEX value increased by only 16.9% over the previous period.
The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against several major cryptocurrency exchanges within months of this year. Binance, Kraken, Coinbase and Bittrex were among the “victims” of the SEC.
