Thread by @coingecko

1/ 2023 Q1 Crypto Industry Report 📊

After a turbulent end to 2022, the #crypto market made a strong comeback with $BTC outperforming traditional assets and #NFT trading volume seeing a resurgence.

Here are 6 highlights you shouldn't miss! 🧵

2/ Crypto market started 2023 strong with 48.9% gain 📈

• Crypto market cap grew by 48.9% to $1.2T in Q1 2023.
• Average daily trading volume increased by 30% QoQ, peaking in early March due to the banking crisis before tapering off later in the month.

3/ #BTC was the best-performing asset 🔝

• #Bitcoin outperformed traditional asset classes in 2023 Q1, with a QoQ increase of 72.4%.
• The NASDAQ index followed with a gain of 15.7% and gold came in third with a gain of 8.4%.

4/ Top stablecoins shed $6.2B while Tether gained dominance 🪙

• Top 15 stablecoins lost $6.2B in market cap, with $USDC and $BUSD experiencing the largest declines.
• $USDT gained 20.5% in market cap, while $TUSD entered the top 5 stablecoins and grew by 169.3%.

5/ DeFi market grew by 65.2%, fueled by Liquid Staking 💧

• #DeFi market cap increased by $29.6 billion, driven by liquid staking governance tokens.
• Liquid staking tokens overtook lending protocols as the 3rd largest category with a 210.9% increase in market cap.

6/ NFT trading volume saw a resurgence to $4.5B 🖼️

• @blur_io dethrones @opensea as the top marketplace, holding a 71.8% market share.
• Solana's ecosystem saw a decline, with @MagicEden's trading volume dropping by 67.9%, & notable collections migrating to other chains.

7/ Crypto spot trading volume up 18.1% and DEXs outpace CEXs in growth 💱

• Crypto spot trading volume reaches $2.8T, with DEXs growing faster than CEXs.
• Monthly trading volume has been increasing since Dec 2022, but has not yet reached the 2022 H1 average of $1T.

There's more where that came from! Check out the full report by tapping on the link below ⬇️

A huge shoutout to @1inch for sponsoring our 2023 Q1 Crypto Industry Report! #1inch is a DEX aggregator that aims to provide the best crypto prices for traders.
coingecko.com/research/publi…

Join our Meetup #23 where we will be presenting our 2023 Q1 Crypto Industry Report and discussing about The Role of Exchanges in #Web3.

🗓 April 20, 2023
⏰ 8:30 AM EDT

Save your spot! ⤵️
crowdcast.io/e/coingecko-me…