CoinGecko’s 2023 Report Shows New Contenders in The Marketcap Battle

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As the final pages of 2023 turn, CoinGecko’s annual report paints a picture of a year marked by a surging crypto market, punctuated by the emergence of new contenders and the departure of seasoned players. Despite ongoing turbulence and regulatory hurdles, the total market capitalization witnessed a remarkable rise of 108.1%, ballooning from $829 billion to a staggering $1.72 trillion.

A summary of the report shows that:

  1. Total crypto market capitalization rose +108.1% in 2023, from $829B to $1.72T
  2. Bitcoin grew +155.2% in 2023, with growing confidence in an ETF approval
  3. Ethereum rose +90.5% in 2023, though outpaced by Bitcoin
  4. Solana recorded a meteoric rise of +917.3% in 2023, with a resurgence in bullish narratives
  5. NFT Trading Volume Stood at $11.8b in 2023, 44% of 2022’s Figures
  6. Crypto trading volume hit $10.3T 2023 Q4, rising +53.1%

A Reshuffle Among Top 30 Coins

The top 30 cryptocurrencies by market cap saw a reshuffle, with fresh faces injecting new energy into the established ranks. Internet Computer (ICP) stormed onto the scene, securing the #16 spot, while NEAR Protocol debuted at #23, Optimism (OP) at #26, and Injective (INJ) rounded out the top 30 at #30. These ascendants dethroned seasoned veterans like Hedera Hashgraph (HBAR), Binance USD (BUSD), Monero (XMR), and TrueUSD (TUSD), who fell out of the coveted top tier.

The report attributes this reshuffling to a combination of factors:

Rising prominence of layer-1 and layer-2 scaling solutions like ICP and NEAR addressed blockchain scalability concerns, attracting investor interest. The continued explosion of decentralized finance (DeFi) and blockchain gaming fueled the growth of protocols like OP and INJ, offering innovative tools and experiences. Investor appetite for alternative assets amid global economic instability potentially played a role, driving diversification towards emerging coins.

Test of Resilience

However, the year wasn’t without its challenges. Regulatory headwinds and market downturns tested the resilience of the cryptoverse. Despite these bumps, the overall 2023 picture remains positive, showcasing the market’s remarkable resilience and capacity for innovation.

CoinGecko’s report further delves into various trends across DeFi, NFTs, DAOs, and other sectors, providing insights into the evolving landscape. As we usher in a new year, the crypto world stands poised for further evolution, marked by the interplay of established giants and rising stars. Whether the new entrants can cement their positions and the veterans regain their footing remains to be seen, but one thing is certain: the 2024 crypto narrative promises to be one of dynamic change and captivating progress.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.