Crypto trading volume reached $36.6 trillion in 2023, according to the ‘2023 Annual Crypto Industry Report’ published by CoinGecko today. This surge reflects a remarkable rebound after FTX’s collapse in November 2022 and highlights the evolving landscape of digital assets.

Last year’s fourth quarter was particularly noteworthy, with $10.3 trillion in trading volume. This is a more than 53% quarterly growth compared to the $6.7 trillion seen in Q3, and also the first quarter-on-quarter growth of 2023. CoinGecko’s report attributes the rise primarily to a bullish market sentiment, fueled by the anticipation towards the approval of the first Bitcoin spot ETFs in the US.

The average daily trading volume in 2023’s Q4 reached $75.1 billion, up 92% from the previous quarter. Despite this, the overall daily trading volume for the year stood at almost $59 billion, still trailing behind 2022 figures by more than 31%.

The rankings within the top 30 crypto assets by market cap saw significant changes. Solana (SOL) and Avalanche (AVAX) made notable leaps, while new entrants like Internet Computer (ICP) and Near Protocol (NEAR) emerged in the top 30. Bitcoin (BTC) and Ethereum (ETH) also witnessed remarkable gains in 2023.

NFT Market Dynamics

The non-fungible token (NFT) market, while experiencing a decrease in trading volume compared to 2022, still managed to register approximately $12 billion in 2023. Ethereum continued its dominance in the NFT space, albeit with a reduced market shar

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Author: Gino Matos

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