Binance Research's H1 2023 Report: A Positive Note in Challenging Times for Crypto
Binance's 120-page "Half-Year Report 2023 July 2023," released on July 20, provides insights into the current state of the crypto market, almost two years after its peak in late 2021.
Despite facing challenges in the first half of the year, the crypto industry has demonstrated resilience, with positive growth in market capitalization on a quarterly, half-yearly, and annual basis.
In the first half of 2023, the crypto market saw a surge in institutional interest and adoption, but it also faced increased regulatory scrutiny.
Despite uncertainties, the total market capitalization experienced a notable 47.0% growth in Q1. The global stablecoin market capitalization dropped by 7.0%, while USDT's market share notably increased by 25.8%.
Additionally, the report indicates a decrease in overall crypto deal activities, particularly venture capital funding, during H1 2023. However, the infrastructure sector emerged as a significant area of interest, attracting the most investments. The gaming/entertainment and DeFi (Decentralized Finance) sectors also received substantial investment attention.
Bitcoin, the world's largest cryptocurrency, continues to dominate the market and solidify its position as a preferred choice among investors.
Bitcoin market dominance reached its highest level since April 2021, with a year-to-date price performance of over 87%, outperforming many traditional financial investments.
Despite regulatory pressures affecting other crypto investments, Bitcoin remains resilient, boasting an increased market dominance from 40.4% to 50.5% in the first half of the year, commanding over half of the total crypto market capitalization.
Financial metrics paint a bullish picture for Bitcoin, with its market cap growing by 87.7%
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