Cryptocurrency exchange Binance has released a report on trends in the cryptocurrency industry in the first half of 2023
Binance Research researchers talked about the results of the first half of the year and new trends in the crypto market
Analysts at crypto exchange Binance have released a report on the state of the industry for the first half of 2023. They conclude that the industry has shown much more vitality than expected during this period.
The total market capitalization of the crypto market increased 30% year-over-year, closing at $1.17 trillion as of June 30. Bitcoin's dominance ended the half-year at its highest level since April 2021, while its correlation with stock indices is now at a three-year low. Despite a 7% drop in the total capitalization of existing stablecoins, Tether USD (USDT) has seen its market share grow by 26% since the beginning of the year.
In addition to reviewing the market dynamics of the leading stablecoins, the exchange's report also looks at their newer competitors that have increased market share in 2023. These include USDD, crvUSD, GHO, and LUSD.
Bitcoin's trading volume is up 185% since the beginning of the year, while network transactions are up 58% and average transaction fees are up 143%. The first cryptocurrency's hashrate has increased by 40% since the beginning of the year, and as a consequence, the difficulty of mining has also increased by 43%. The Fear and Greed Index has doubled since January, showing increased confidence from traders.
According to analysts' calculations, almost all areas of the crypto industry showed impressive growth in the mentioned period. In decentralized finance (DeFi), the number of users has increased by 43% since the beginning of the year, and NFT trading volumes have increased compared to the second half of 2022, despite falling prices on marketplaces.
"Amidst global economic shifts, the crypto industry continues to thrive and show resilience. As digital assets become more accepted, we are seeing strong adoption of stablecoins and growing acceptance of blockchain technology. These innovations, combined with the growing participation of institutional players, are laying a solid foundation for the industry's future growth and broad acceptance," emphasized Vladimir Smerkis, regional director of Binance in the CIS.
According to the company, all these factors form a solid foundation that will drive significant market growth in the second half of this year and further into 2024.
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