The cryptocurrency market experienced a significant surge in value, with the total market capitalization increasing from $1.1 trillion to $1.6 trillion, a 55% rise, fueled by optimism for potential approval of spot Bitcoin ETFs in the US by the end of 2023. Bitcoin’s price notably soared from $27,000 to $42,000 during this period.
Throughout 2023, the crypto market demonstrated remarkable growth, more than doubling its total value from the beginning of the year at $832 billion. This expansion was largely driven by Bitcoin’s recovery, which saw a 2.6-fold increase. After a challenging 2022, the year 2023 marked a strong rebound for the crypto market.
The market’s total value rose by 108.1% to $1.72 trillion in 2023, with the average daily trading volume in Q4 reaching $75.1 billion, a 91.9% increase over the previous quarter. However, the overall daily trading volume remained 31.6% below 2022’s figures, at $58.9 billion.
Bitcoin (BTC) recorded a significant 155.2% increase in 2023, with a 64.3% rise in Q4 alone, reaching a yearly high of $44,004 not seen since April 2022. Solana (SOL) also saw a remarkable 917.3% rise throughout the year, with aggressive Q4 rallies peaking at $121.5.
NFT trading volume across the top 10 chains reached $11.8 billion in 2023, less than half of 2022’s volume. Ethereum (ETH) continued to dominate NFT trades with a 72.3% share, a decrease from 90% in 2022. Centralized crypto exchanges maintained dominance in trading volume despite regulatory challenges and past market crashes.