One of the largest information aggregators in the industry, CoinGecko, presented a final report on the past year. Analysts highlighted the doubling of the crypto market capitalization, as well as the success of Bitcoin (BTC) and the main altcoins.
Crypto Market Capitalization Increased by 108.1%
Over the past 12 months, the capitalization of the digital asset market has almost doubled, from $8292 billion to $1.72 trillion.
The volume of cryptocurrency trading has grown steadily throughout 2023. The total daily trading volume was $58.9 billion. However, this is 31% lower than the previous year.
Bitcoin Price Increased by 155.2%
In 2023, the value of the first cryptocurrency increased by a total of 155.2%. At the same time, an increase of 64.3% – from $26 thousand to $42 thousand – occurred in the fourth quarter alone. During the same period, BTC hit a yearly high of $44 thousand.
Ethereum Price Increased by 90.5%
The Ethereum (ETH) rate also showed positive dynamics last year. In total, the price of the second cryptocurrency increased by 90.5%. In December, the price updated its annual maximum at $2,376.
The highest profitability for ETH was recorded in the first quarter – then the altcoin rose by almost 50% from $1,196 to $1,792.
Solana is Ahead of Everyone
The past year has been one of the best for the Solana ecosystem. Over 12 months, the cost of the project’s native token soared by 917.3% – from $10 to $101.3 at its peak. The first rise came at the beginning of 2023, when the price rose for the first time by 112.9%. The aggressive price rally of the last quarter brought the price to a high of $121.5.
2023 NFT Trading Volume Hits $11.8 Billion, Down 44% from 2022
The trading volume of non-fungible tokens (NFTs) in the ten largest blockchains at the end of 2023 amounted to $11.8 billion. A year earlier, the figure exceeded $26 billion.
The majority of trading volume came from Ethereum – 72.3%. Bitcoin and Solana were also on the rise, especially in the fourth quarter. In December, the network of the first cryptocurrency completely overtook ETH in terms of NFT trading volume: the figure reached $808 million amid the excitement around the Ordinals protocol.
Earlier, CoinGecko analysts said that since 2014, more than half of all cryptocurrencies registered on the site have already died. The worst year for projects was 2021 when a total of 5,724 launched tokens failed.
