Stablecoin

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The 2023 first-quarter cryptocurrency sector report provided by the crypto data and pricing platform CoinGecko offers significant information on market trends, <a href="https://en.coin-turk.com/interest-in-bitcoin-grows-with-increased-attention-to-wikipedia-page/" data-wpel-link="internal">Bitcoin</a> (BTC) and Ethereum (ETH) analysis, decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> (DeFi) and NFT ecosystems insights, and includes trading volumes of centralized cryptocurrency exchanges (CEX) and decentralized cryptocurrency exchanges (DEX). Let’s now take a closer look at the details of the report. 
<h2 style="text-align: justify;" id="strong-bitcoin-ethereum-exchanges-and-stablecoin-market-strong">Bitcoin, Ethereum, Exchanges, and Stablecoin Market</h2> 
The cryptocurrency market had a strong start to 2023, waking up from its end-of-2022 slumber to achieve a 48.9% increase in total market value, reaching $1.2 trillion as of March 31. Bitcoin (BTC) and Ethereum’s (ETH) prices rose to approximately $28,000 and $1,800 respectively, with BTC leading the first quarter with a noteworthy gain of 72%. 
<img decoding="async" class="aligncenter size-full wp-image-283530" style="text-align: justify;" src="https://coin-turk.com/wp-content/uploads/2023/12/Kripto-Para-Piyasasi-1.png" alt="" width="1788" height="1758"> 
The average daily trading volume of the cryptocurrency market in the first quarter increased by 30% to $77 billion, influenced by rising market activity and volatility. Throughout the quarter, Bitcoin outperformed traditional asset classes with a significant gain of 72.4%, outpacing both NASDAQ and gold. With the exception of crude oil, which lost 6.1% in value, other major asset classes ended the quarter on a positive note. 
On the spot market side, the spot trading volume of the cryptocurrency market increased by 18.1% in the first quarter, reaching $2.8 trillion. Regulatory scrutiny over CEXs led to DEXs outperforming CEXs, with DEXs growing by 33.4% compared to CEXs’ 16.9% during the quarter. 
On the stablecoin market front, there was a 4.5% decrease ($6.2 billion) mainly due to Paxos ending its support for <a href="https://en.coin-turk.com/what-is-bitcoin-leveraged-trading-how-is-it-done/" data-wpel-link="internal">Binance</a> USD (BUSD) and a short-term USD Coin (USDC) depegging. The largest stablecoin Tether (USDT) maintained and strengthened its position, while USDC and BUSD saw declines in market value. 
<h2 style="text-align: justify;" id="strong-the-defi-sector-grew-triple-digits-nft-sector-double-digits-strong">The DeFi Sector Grew Triple-Digits, NFT Sector Double-Digits</h2> 
Significant developments also occurred in the DeFi and NFT sectors throughout the quarter. The DeFi sector grew by 65.2%, reaching $29.6 billion in the first quarter. Governance tokens of liquid staking protocols led this growth with a 210.9% increase in market value, surpassing lending protocols to become the third-largest category in DeFi. 
The volume of the NFT sector rose to $4.5 billion in the first quarter, showing a 68% increase compared to the previous quarter. The new NFT marketplace Blur surpassed OpenSea in trading volume, becoming the largest NFT marketplace with a 71.8% market share as of March 2023. 
<ul class="summary"> 
 <li>Q1 2023 shows a robust crypto market.</li> 
 <li>DeFi and NFT sectors experience growth.</li> 
 <li>Blur leads as the top NFT marketplace.</li> 
</ul> 
“` Continue Reading: <a href="https://en.coin-turk.com/insights-from-the-q1-2023-cryptocurrency-sector-report-trends-and-growth/" data-wpel-link="internal">https://en.coin-turk.com/insights-from-the-q1-2023-cryptocurrency-sector-report-trends-and-growth/</a>

Insights from the Q1 2023 Cryptocurrency Sector Report: Trends and Growth

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