Ethereum

Blur

USDC

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CoinGecko’s 2023 first quarter report on the cryptocurrency sector provides insights into market trends, <a href="https://en.coin-turk.com/is-bitcoin-still-a-good-investment-despite-the-economic-crisis-in-the-us/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and Ethereum (ETH) analysis, decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">finance</a> (DeFi), NFT ecosystems, and significant information about various areas within the crypto world, including trading volumes of centralized (CEX) and decentralized exchanges (DEX).
<h2 style="text-align: justify" id="strong-bitcoin-ethereum-exchanges-and-the-stablecoin-market-strong">Bitcoin, Ethereum, Exchanges, and the Stablecoin Market</h2>
The cryptocurrency market made a strong start in 2023, waking up from its hibernation at the end of 2022, and reached a total market value of $1.2 trillion on March 31, marking a 48.9% increase. Bitcoin (BTC) and Ethereum (ETH) prices rose to approximately $28,000 and $1,800 respectively, with BTC leading the quarter with a notable 72% gain.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-283530" 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 crypto market in the first quarter increased by 30% to $77 billion, driven by increased market activity and volatility. Throughout the quarter, Bitcoin outperformed traditional asset classes, achieving a significant gain of 72.4% and surpassing the performance of NASDAQ and gold. Other major asset classes, except for crude oil, which lost 6.1% in value, ended the quarter on a positive note.
On the spot side, the spot trading volume of the cryptocurrency market increased by 18.1% to $2.8 trillion in the first quarter. Regulatory scrutiny on CEXs led to DEXs outgrowing CEXs, with DEXs expanding by 33.4% compared to CEXs’ 16.9% during the quarter.
In the stablecoin market, a 4.5% decline ($6.2 billion) was observed, primarily due to Paxos ending its support for <a href="https://en.coin-turk.com/binance-witnesses-a-significant-influx-of-crypto-assets-in-hours/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> USD (BUSD) and a brief USD Coin (USDC) depegging event. The largest stablecoin, Tether (USDT), maintained and strengthened its position, while USDC and BUSD experienced losses in market value.
<h2 style="text-align: justify" id="strong-defi-sector-triple-digit-nft-sector-double-digit-growth-strong">DeFi Sector Triple-Digit, NFT Sector Double-Digit Growth</h2>
Significant developments occurred in the DeFi and NFT sectors during the quarter as well. The DeFi sector grew by 65.2%, reaching $29.6 billion in the first quarter. Governance tokens of liquid stake protocols led the increase with a 210.9% rise in market value, surpassing lending protocols and becoming the third-largest category in DeFi.
The NFT sector’s volume rose to $4.5 billion in the first quarter, showing a 68% increase compared to the previous quarter. New NFT marketplace Blur surpassed OpenSea, becoming the largest NFT marketplace with a 71.8% market share as of March 2023.
<ul class="summary">
 <li>2023 starts with a robust crypto recovery.</li>
 <li>DeFi and NFT sectors show remarkable growth.</li>
 <li>Blur overtakes OpenSea in NFT marketplace share.</li>
</ul>
“` Continue Reading: <a href="https://en.coin-turk.com/2023-first-quarter-insights-crypto-markets-impressive-recovery-and-trends/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/2023-first-quarter-insights-crypto-markets-impressive-recovery-and-trends/</a>

2023 First Quarter Insights: Crypto Market’s Impressive Recovery and Trends

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