On-chain data shows that, while the second quarter of 2023 was rough for Bitcoin, stablecoins, NFTs, and exchanges, the crypto ecosystem recorded some wins.
In the fast-paced crypto world, the second quarter of 2023 saw significant shifts and adjustments. CoinGecko, a leading independent crypto data aggregator, reported a series of noteworthy developments that shaped the crypto landscape.
Top 10 CEX by Spot Trading Volume
1. #Binance – 52%
2. #Upbit – 8%
3. #OKX – 7%
4. #Coinbase – 6%
5. #Bybit – 5%
6. #Kucoin – 5%
7. #Bitget – 5%
8. #MEXC – 4%
9. #Gate – 4%
10. #Kraken – 4%— CoinGecko (@coingecko) July 19, 2023
Bitcoin Hits Yearly High Only to Fall 58.7% in Vol
According to the report, Bitcoin (BTC) experienced a steady 6.9% gain during Q2, reaching $30,481 by the end of June. This positive performance outpaced the overall crypto market, which saw a mere 0.14% increase in total market cap, settling at $1.240 trillion.
Also, CoinGecko revealed that Bitcoin touched a yearly high of $30,694 following BlackRock spot Bitcoin exchange-traded fund (ETF) filing. However, Bitcoin’s average daily trading volume plummeted by 58.7% during Q2, dropping from $33.4 billion to $13.8 billion, despite its upward price trend.
USDT Adds Over $3 Billion While Rivals Crash
The data aggregator noted that the stablecoin market experienced a 3.5% contraction, with major players like USD Coin (USDC) and Binance USD (BUSD) suffering significant losses in market cap.
On the other hand, Tether (USDT) maintained its dominance, adding 4.4%, equivalent to $3.48 billion, to its market cap and securing a 66% market share. Among all stablecoins, BUSD suffered the most significant loss after shedding over $3.4 billion, representing nearly half of its market cap.
Other stablecoins, such as True USD (TUSD), Gemini Dollar (GUSD), flexUSD (FUSD), and Paxos (USDP), showed resilience and growth in supplies during the quarter.
Furthermore, CoinGecko highlighted Ethereum (ETH) ’s notable quarter, with total staked ETH growing by an impressive 30.3%, amounting to 23.6 million. This surge in staked ETH outpaced the previous quarter’s gains.Â
Lido stayed the top staking provider, claiming a sizable 31.9% of all staked ETH. At the same time, Kraken and Coinbase experienced declines in their staking dominance due to regulatory concerns.
Solana Lost over 78% in NFT Trading Volume
In the NFT scene, CoinGecko disclosed that trading volume witnessed a 35.0% decline from the first quarter. Ethereum remained the prevailing ecosystem for NFT trading. However, it faced challenges as Bitcoin Ordinals gained popularity and captured almost 20.3% of the NFT trading volume in May.
The migration of major NFT collections from Solana to Ethereum and Polygon significantly decreased NFT trading volume on the Solana blockchain. Specifically, the NFT trading volume of Solana fell over 78% to about $40 million from more than $184 million in the first quarter of the year.
Bybit and Bitget Lead Binance
The centralized crypto exchange space had its share of turbulence, with the top 10 exchanges seeing a 43.2% decrease in spot trading volume compared to the previous quarter.
Top 10 CEX by Spot Trading Volume
1. #Binance – 52%
2. #Upbit – 8%
3. #OKX – 7%
4. #Coinbase – 6%
5. #Bybit – 5%
6. #Kucoin – 5%
7. #Bitget – 5%
8. #MEXC – 4%
9. #Gate – 4%
10. #Kraken – 4%— CoinGecko (@coingecko) July 19, 2023
CoinGecko noted that regulatory pressure took a toll on Binance, causing its market share to fall from 61% in March to 52% in June. While Huobi and Crypto.com lost their spots in the top 10, Bybit and Bitget emerged as new players. The two shining stars amassed $13.1 billion and $1.5 billion in trading volume, respectively.
On the decentralized exchange front, spot trading volume dropped by 28.1%, demonstrating a more moderate decline than centralized exchanges. Uniswap retained its dominant position with a peak market share of 70% in May.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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