Crypto Market Cap Grew by $869 Billion in 2023

CoinGecko’s annual report on the crypto industry emphasized that the market moved from stagnation to recovery in 2023, showing growth across all major metrics.

According to CoinGecko, the crypto market saw significant growth in 2023. The total market capitalization increased by 108.1% over the year, from $851 billion to $1.72 trillion.

The crypto market’s trading volume amounted to $36.6 trillion. The daily trading volume reached $58.9 billion in 2023, a 31.6% decrease from 2022.

Q4 2023 was the most active trading period, with daily trading volume averaging $75.1 billion, boosting the overall figure by $10.3 trillion. The main driving force behind the increased dynamics was the hype around spot Bitcoin ETFs, which continued into early 2024.

On top, CoinGecko analysts noted the YoY growth in quotes of some cryptocurrencies, namely:

• Solana (SOL) rose 917.3%;
• Bitcoin (BTC) rose 155.2%;
• Ethereum (ETH) rose 90.5%.

NFT trading volume in 2023 was $11.8 billion:

• $4.5 billion in Q1;
• $2.7 billion in Q2;
• $1.4 billion in Q3;
• $3.2 billion in Q4.

However, the NFT market’s annualized performance in 2023 was 56% lower than in 2022. Ethereum’s market share for the year dropped from 90% in 2022 to 72.3% in 2023. Analysts named the creation of the Ordinals protocol, which increased the trading volume on Bitcoin, as the main factor behind the gradual loss of Ethereum’s leadership in the NFT market.

According to Binance Research, the Ordinals protocol and BRC-20 tokens boosted Bitcoin’s dominance by 10% in 2023.

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