Cryptocurrency data aggregator CoinGecko has released its comprehensive report on the crypto industry for 2023.
The report reveals that the total crypto market value will increase by a staggering 108.1% in 2023, from $829 billion to $1.72 trillion.
The top 30 cryptocurrencies have witnessed some changes with new entrants such as ICP at 16th, NEAR at 23rd, OP at 26th, and INJ at 30th. Meanwhile, HBAR, BUSD, XMR and TUSD slipped out of the top 30.
According to the report, it was emphasized that optimism has begun that Bitcoin Spot ETFs will be approved, especially in the fourth quarter of 2023. This optimism contributed to the bullish trend in the market, leading to a 55% increase in the total crypto market cap from $1.1 trillion to $1.6 trillion. During this period, the price of Bitcoin increased from $27,000 to $42,000.
The crypto market has witnessed significant growth, more than doubling the total market capitalization from $832 billion at the beginning of the year, considering the full year 2023. This notable expansion was primarily driven by Bitcoin's impressive resurgence, up 2.6x. After the challenges and recession in 2022, 2023 has proven to be a solid year of recovery for the crypto industry.
Highlights of the Report
- Total crypto market cap increased by 108.1% in 2023, from $829 billion to $1.72 billion.
- Bitcoin grows +155.2% in 2023 as confidence in ETF approval increases.
- Ethereum is up 90.5% in 2023, although it has been overtaken by Bitcoin.
- Solana is up a spectacular +917.3% in 2023 amid a resurgence in bullish sentiment.
- NFT Transaction Volume decreased to 44% of 2022 figures, at $11.8 billion in 2023.
- Crypto transaction volume increased by 53.1% in the 4th quarter of 2023, reaching $10.3 trillion.
*This is not investment advice.