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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Are You Missing Out? 6 Highlights From CoinGecko’s Q1 Crypto Report

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
crypto

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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The first quarter of 2023 has been significant for the crypto industry, with the market making a strong comeback after a turbulent end of 2022. According to Coingecko’s first-quarter report, the crypto market has outperformed traditional assets, with Bitcoin leading the charge. 

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The first quarter of 2023 has been an exciting time for the cryptocurrency market, as it started strong with a 48.9% gain in the overall market cap. According to the Coingecko report, the total market capitalization of cryptocurrencies increased from $800 billion to $1.2 trillion in just three months, showing a remarkable recovery from the 2022 turbulence.

Crypto
Total crypto market cap increase. Source: Coingecko

Along with the growth in market cap, the Coingecko report also highlights the increase in average daily trading volume, which rose by 30% quarter-over-quarter. The report notes that the trading volume peaked in early March, coinciding with the banking crisis that saw several banks collapse due to insolvency. 

On the same note, Bitcoin, the largest cryptocurrency by market capitalization, has outperformed traditional assets like gold and the S&P 500, with a gain of over 70% during Q1 2023. The report attributes this success to several factors, including the increasing acceptance of Bitcoin as a legitimate investment asset and its growing adoption by institutions and retail investors.

Another report highlight is the resurgence of non-fungible tokens (NFTs), which saw a significant increase in trading volume during Q1 2023. NFTs are unique digital assets verified on a blockchain, making them unique and valuable. The report suggests that the resurgence in NFT trading volume results from increased interest and adoption of decentralized applications (dApps) and gaming.

The Coingecko report also notes the growing popularity of decentralized finance (DeFi) protocols, which have seen a surge in adoption and usage during Q1 2023, fueled by liquid staking, which led to a rise of 65% for the DeFi market. 

DeFi protocols are built on blockchain technology and offer users a decentralized alternative to traditional financial services. The report suggests that the growth of DeFi is due to the increasing demand for decentralized services and the potential for high returns.

Increased Demand For Stablecoins And DEXs

The first quarter of 2023 has seen a surge in crypto spot trading volume, with an 18.1% increase compared to the previous quarter. According to Coingecko, the total spot trading volume reached $2.8 trillion, a significant increase from the previous quarter’s volume.

Interestingly, the report notes that decentralized exchanges (DEXs) outpaced centralized exchanges (CEXs) in growth, with DEXs experiencing a larger increase in trading volume than their centralized counterparts. This trend indicates the growing popularity of DeFi protocols, which offer users a more decentralized and transparent alternative to traditional financial services.

crypto
Top 10 spot crypto exchanges. Source: Coingecko

Despite the increase in trading volume, the report notes that the monthly trading volume has yet to reach the heights of the first half of 2022, where the average monthly trading volume exceeded $1 trillion. However, the report suggests that this is likely due to the market correction and turbulence that occurred in the latter half of 2022, which decreased trading activity.

Furthermore, The first quarter of 2023 has seen a shakeup in the stablecoin market, as the top 15 stablecoins shed $6.2 billion in market capitalization. According to Coingecko, stablecoins such as USDC and BUSD experienced the largest declines in market cap, while Tether (USDT) gained dominance with a 20.5% increase in market cap.

Overall, the Coingecko Q1 Crypto Industry Report paints a positive picture of the cryptocurrency market, with a strong market cap and trading volume gains.  As the industry continues to grow and evolve, it will be interesting to see how these trends develop and what new opportunities and challenges arise.

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BTC is consolidating above $30,000 on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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