The cryptocurrency market experiences a significant rebound in 2023. According to a report by CoinGecko, the rebound in digital currencies was due to the increase in market capitalization.
The market of cryptocurrencies experiences a significant rebound this 2023. According to a report by CoinGecko, the rebound in digital currencies was due to the increase in the market capitalization of Bitcoin (BTC) and decentralized finance protocols (DEFi). The content you want to access is exclusive to subscribers. subscribe I’m already subscribed
According to the report, the case of bitcoin, the leading cryptocurrency, became the best performing asset in the first quarter of 2023, with gains of 72.4%., outperforming other assets such as the NASDAQ index and gold, which posted gains of 15.7% and 8.4%, respectively. Learn more
The report notes that all major asset classes except oil posted gains during the first quarter of the year. Crude fell 6.1%, which was attributed to US inflation data citing reduced demand for oil and the ill effects of the US banking crisis. Thanks to the rally in bitcoin and other tokens, the global cryptocurrency market capitalization reached $1.2 trillion at the end of the first quarter, an increase of $406 billion from the market capitalization of $829 billion. end of 2022.
Likewise, the DeFi space was another of the most prominent during the first three months of the year, with an increase of 29.6 billion dollars in value. According to this publication, liquid betting governance tokens experienced a 210% increase in market capitalization since the start of 2023, becoming the third largest category in the DeFi sector.
What happened to the stablecoins
For their part, the top 15 stablecoins fell in their market capitalization by $6.2 billion. CoinGecko attributes this 4.5% drop in market capitalization to the shutdown of Binance USD by Paxos and the momentary depreciation of USD Coin (USDC) during the Silicon Valley Bank collapse in March 2023. Tether (USDT) bolsters its position as the largest stablecoin by market cap adding $13.6bn since the start of the year, while USDC and BUSD posted market cap losses of 26.9% and 54.5%, respectively. In a different order of things, the trading volume of non-fungible tokens (NFT) has also increased again at the beginning of 2023, marking a 68% increase from the fourth quarter of 2022 to USD 4.5 billion during the first quarter of 2023.