CoinMarketCap analysts summarized the results of the first half of 2023. In their opinion, Q2 was a lost quarter in the crypto market, as nothing remarkable happened between April and June, though some sectors managed to demonstrate strong growth.
According to the CoinMarketCap report, the total cap of the crypto market reached $1.17 trillion by the end of June, up nearly 50% since the beginning of the year. While analysts believe that nothing remarkable happened in Q2 2023, they do highlight a few bright moments:
- the hype surrounding the new BRC-20 token standard;
- the strong growth of meme coins, thanks to the PEPE rally from April through May.
The leaders of the crypto market in the first half of 2023 are:
- the virtual (VR) and augmented (AR) reality sector, with a 704% increase in capitalization;
- projects related to AI and Big Data technologies, which showed growth of 323%.
Analysts also point out that the Crypto Fear and Greed Index in the crypto market reached 52 (Neutral) in Q2. This result is much better than the index of 32 registered at the beginning of the year and indicates market stabilization.
DeFi projects demonstrated active growth. According to the report, the following markets saw an increase in trading volumes in Q2 2023:
- lending — 149%;
- storage — 86%;
- derivatives — 75%;
- interoperability — 58%.
A similar report by CoinGecko showed that the activity of crypto market participants in Q2 of this year decreased.
