The digital asset website
tracking the prices and trading volumes of cryptocurrencies, CoinMarketCap, has
released a market analysis report for the first half of 2023. Although the
report shows an increase in the cryptocurrency market capitalization year-to-date,
the market cap for the first and the second quarter barely changed.
The global cryptocurrency market capitalization reached
USD1.17 trillion at the end of the second quarter, representing an increase of
48% year-to-date. In the first quarter, the market capitalization was boosted by the rise in the price of Bitcoin and the heightened activity in the non-fungible tokens (NFT) market, CoinMarketCap noted.
Additionally, according to CoinMarketCap, the
trading of digital assets increased in the first quarter of the year but
declined in the subsequent quarter. The total spot trading volume across 20
crypto exchanges peaked in March but had declined 36% quarter-on-quarter to
USD535 billion as of June.
Across the cryptocurrency sector, meme
tokens are the most
popular category, having received the most views in April and May. The second
and the third-most viewed assets fall under decentralized finance (DeFi) and NFTs,
respectively. AI and Big Data also received significant views following the
launch of OpenAI’s ChatGPT, CoinMarketCap explained.
On top of that, Ethereum, the second-most popular
blockchain
