In the fourth quarter of 2023, the crypto market experienced a surge in anticipation related to ETFs, “particularly with the growing optimism surrounding the potential approval of US spot Bitcoin ETFs,” the CoinGecko team noted.
CoinGecko also mentioned that this optimism appears to have “contributed to a bullish market sentiment, leading to a significant increase in the total crypto market cap from $1.1 trillion to $1.6 trillion, marking a 55% rise.”
During this period, the price of Bitcoin soared “from $27,000 to $42,000.”
Coingecko pointed out that when considering “the entire year of 2023, the crypto market witnessed substantial growth, more than doubling its total market cap from $832 billion at the beginning of the year. This remarkable expansion was primarily driven by Bitcoin’s impressive resurgence, experiencing a 2.6x increase.”
After the challenges and stagnation “experienced in 2022, 2023 proved to be a robust year of recovery for the crypto industry.”
Their comprehensive 2023 Crypto Industry Report reportedly “covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, deep diving into the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, and reviewing how centralized exchanges (CEX) and decentralized exchanges (DEX) have performed.”
They’ve summarized the key highlights for the year.
As noted in the CoinGecko update, the total crypto market capitalization “rose +108.1% in 2023, from $829B to $1.72T.”
As stated in a blog post, Bitcoin reportedly “grew +155.2% in 2023, with growing confidence in an ETF approval.”
Meanwhile, Ethereum, the second-largest crypto, “rose +90.5% in 2023, though outpaced by Bitcoin.”
Solana recorded “a meteoric rise of +917.3% in 2023, with a resurgence in bullish narratives
NFT Trading Volume Stood at $11.8b in 2023, 44% of 2022’s Figures.”
Crypto trading volume “hit $10.3T 2023 Q4, rising +53.1%.”
The total Crypto Market Capitalization “rose +108.1% in 2023, from $829B to $1.72T.”
The total crypto market cap climbed by +108.1% in 2023, or $869.0 billion in absolute terms.
As for trading volume, it “climbed throughout the year, with 2023 Q4 average daily trading volume at $75.1 billion, a +91.9% QoQ increase. Overall daily trading volume stood at $58.9 billion, which is still -31.6% below 2022 figures.”
Notable moves within the top 30 cryptos in 2023 Q4 “include Solana (SOL) climbing from #7 to #5, and Avalanche (AVAX) from #22 to #9. Solana managed to climb thirteen places in 2023 alone, having started the year in the #18 spot.”ac
New entrants to the top 30 “include Internet Computer (ICP) at #16, Near Protocol (NEAR) at #23, Optimism (OP) at #26, and Injective Protocol (INJ) at #30. Hedera (HBAR), Binance USD (BUSD), Monero (XMR), and True USD (TUSD) slipped out.”
Crypto recorded $36.6 trillion in trading volume in 2023.
In 2023 Q4, volume “increased from $6.7 trillion in Q3 to $10.3 trillion, a gain of +53.1%. This marked the first quarter-on-quarter growth of the year, attributed to market sentiment swinging bullish in anticipation of Bitcoin ETFs.”
Centralized exchanges (CEX’s) dominated trading volume “despite the fall of FTX in 2022, and Binance’s regulatory hurdles throughout 2023. CEX : DEX spot ratio stood at 91.4%, while CEX : DEX derivatives ratio was 98.1%.”
To view the full report, check here.