In Q2 2023, the cryptocurrency market witnessed a rise in Bitcoin, a drop in trading volumes of cryptocurrencies and NFTs, a decrease in the money supply of stablecoins, and other processes.
Crypto data aggregator CoinGecko, with the support of Bitget, provided a big report on the state of the cryptocurrency market in Q2 2023. Key metrics of the report include:
- BTC showed an increase of 6.9%;
- ETH staking volume grew by 30.3%;
- The money supply of stablecoins shrank by 3.5%;
- NFT trading volume fell by 35%;
- Spot trading volume on centralized exchanges dropped by 43.2%;
- Spot trading volume on decentralized exchanges declined by 28.1%.
Thus, the first cryptocurrency outperformed the crypto market averages, setting a one-year high at $30,694. This happened amid BlackRock’s announcement of its intention to launch a spot Bitcoin ETF. Even the fact that the average daily trading volume in Q2 decreased by 58.7% to $13.8 billion didn’t hinder the growth of BTC quotes.
The total volume of spot trading on the top ten CEXs amounted to $1.42 trillion. Binance dominates the market with a 52% share. The total volume of spot trading on the ten largest DEXs amounted to $155 billion. The leader of this segment is Uniswap, with 70% dominance.
NFT trading volume fell by over a third, amounting to $3.15 billion. Even the hype around Bitcoin Ordinals had no influence on the situation. The market is still dominated by Ethereum, and the share of NFT collections in this blockchain network is 73.3%.
The value of staked ETH increased by $5.6 million, reaching $23.6 million. Lido Finance remains the largest provider of liquid staking — its share grew to 31.9%.
The total market cap of the top 15 stablecoins fell by $4.6 billion. USDC ($5.18 billion) and BUSD ($3.43 billion) lost the most. TUSD ($1.02 billion) rose the strongest in percentage terms. USDT ($3.48 billion) showed the best growth in absolute numbers. GUSD, FUSD, and USDP also saw an increase in capitalization. In May, the issuers of the largest dollar stablecoins revised the structure of collateralizing their assets against the background of the destabilization of the U.S. economy.
