CoinMarketCap has released a report on the global crypto market after H1. The report delves into a general market overview, recent key events, and what it expects H2’s key themes will be.

Today, CoinMarketCap, the world’s leading price-tracking website for crypto assets, released its 2023 H1 Crypto Market Analysis Report. 

Crypto Market Kicks 2023 Off Strong

The crypto market started this year with a bang witnessing the bitcoin price doubling, the rise of L2s such as Arbitrum and ZK, and the NFT market showing signs of improvement. By the end of Q2, the global crypto market capitalization reached an impressive $1.17 trillion, marking a 48% YTD increase. Q1 and Q2, however, concluded with similar total market caps, meaning Q2 showed much less growth.

Q2 was instead characterized by trends such as the “memecoin” frenzy and the rise of BRC20 tokens, which, despite being noteworthy, did not garner the same excitement as the previous quarter’s developments.

Market sentiment improved significantly by the end of Q1, with the CMC Crypto Fear and Greed Index registering at a neutral 52 – a vast improvement over the start of the year, which registered a fearful 30.

According to CMC’s report, the Total Spot Trade Volume of the Top 20 Crypto Exchanges peaked in March but declined by around 36% quarter-on-quarter.

Top Growing Sectors

Despite what can only be called challenging market conditions, certain industry sectors witnessed remarkable growth in market cap year-to-date. VR/AR (704%0 and AI & Big Data (323%) exceeded expectations, while blue-chip decentralized finance (DeFi) projects appear to be making a strong comeback.

The “memecoin” frenzy saw the sector add over 260 new coins YTD, with AI & Big Data taking second place, adding 61 coins. DeFi ranked third, adding 47 new listings YTD.

Bitcoin and Ethereum Developments

The market’s top tokens, Bitcoin (BTC) and Ethereum (ETH) experienced several events, resulting in noteworthy price fluctuations.

CMC’s Top Views

CoinMarketCap saw a surge in views from the memecoin sector as $PE

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Author: Jana Serfontein

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