Crypto Market Outlook For 2023 First Half

As the second half of 2023 descended, it was time for the crypto universe to analyze the market’s overall performance in the previous six months. CoinMarketCap deliberated its report which analyzed the status of the crypto ecosystem between January & June 2023; culminating in an analysis that compared the stability and operational capacity of conventional and decentralized exchanges across multiple parameters. According to the results, though a handful of online crypto convoys mustered a record $1.67 trillion worth of total spot trade volume between April and June 2023, there felt a substantial decrease mostly stemming from dilapidating trading activity, consequentially sliding down by 36% in comparison to figures from Q1. This, accompanied by Bitcoin’s (BTC), outrageous 222% monetary appreciation resulted in a combined tonne of $2.6 billion worth of spot trade volumes in 2023’s initial quarter. Boasting over 90 million traders and users worldwide, Binance upholds its title as the highest netting centralised crypto exchange, promising unparalleled integration of strong security, speedy transactions at a preferred rate. In its march through the H1 of 2023, Binance managed to trot ahead of their contenders enlisting a 59.9% market share intact – a drastic jolt relative to it’s count of $ 1.5 trillion in spot trade volumes registered during the initial quarter. BitForex, OKX, Coinbase, LaundBank, Bitmart, Kucoin, Bitget and Bybit constitute the brunt of the H1’s top five ranking crypto exchanges ranked by volume increases from Q3 2022 to Q2 2023. Yet these competition, drawn from Binance failed to muster passing a combined 500 billion mark in Q2 of that given year. KuCoin, supported 687 different coins and tokens prior to its skirmish towards the subsequent year and over a steep 1,544 markets, further assuring financers to look beyond Binance. Witnessing the vigorous innovation of tokens threatening autonomy all over the market, exchanges like Uniswap, Pancakeswap, Curve-Finance, Dodo, Balancer, Sushi, Trader-Joe and several more run a tertiary plethora of exchanges worth notign the crypto environment. Adorning a first large scale market competition, Uniswap garnered a majority of 57.5% popularity for its liquiditypool. Concurrently complying through a marked 12.7%, Pancakeswap resides in direct parallel to Uniswap; further notable alliances with Curve–Finance, Dodo and Balancer further strengthen the case for crypto sovereignty.

Robert Wilson author
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