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CoinGecko shares industry highlights from its Annual Crypto Industry Report, including Bitcoin’s major growth attributed to the ETF approved in early 2024.&nbsp; 
Included in the report’s highlights, CoinGecko reveals that the total crypto market increased 108% in 2023, with an increase of $869 billion. However, at the same time, the daily trading volume saw a 31.6% decrease from 2022, settling at $58.9 billion. 
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 CoinGecko 2023 Annual Crypto Industry Report is now LIVE 📊 The crypto market witnessed substantial growth in 2023, doubling its total market cap by $832B, driven by <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>'s impressive resurgence. Here are 6 key highlights you shouldn't miss! 🧵 <a href="https://t.co/Ve7tLMCigD" target="_blank">pic.twitter.com/Ve7tLMCigD</a>— CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1747544540813406406?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 17, 2024</a>
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The report states that growth stemmed from Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), the world’s largest cryptocurrency, which rose 72.4% in the first quarter, followed by another price spike in the second, before pulling back 11.5% in the third quarter and rallying again towards the end of the year. At the end of 2023, BTC hit a yearly high of $44,004, which hadn’t been seen since April 2022. Currently, BTC is at $42,592, down 6.2% in the past seven days. 
Alongside Bitcoin was Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>), which also performed well in 2023, growing by 91% and closing at $2,294, with its highest returns in Q1, rising 49.8% from $1,196 to $1,792. While the average daily trading volume remained relatively stable throughout 2023, a notable uptick occurred in Q4, increasing from $7.2 billion to $14.4 billion. 
The cryptocurrency market reported a total trading volume of $36.6 trillion in 2023. In Q4, the volume surged from $6.7 trillion in Q3 to $10.3 trillion, marking a gain of 53.1%. This represented the first quarter-on-quarter growth of the year, primarily attributed to a bullish shift in market sentiment amid anticipation for <a href="https://crypto.news/spot-bitcoin-etfs-turned-down-by-thai-sec-investors-eye-global-markets/">Bitcoin ETFs</a>. 
Despite FTX facing challenges in 2022 and <a href="https://crypto.news/what-happens-if-binance-collapses/">Binance</a> encountering regulatory hurdles throughout 2023, centralized exchanges (CEXs) continued to dominate trading volume, with the CEX/DEX spot ratio reaching 91.4%. 
 Read more: <a href="https://crypto.news/over-50-of-tokens-listed-on-coingecko-since-2014-have-died-data-shows/"> Over 50% of tokens listed on CoinGecko since 2014 have died, data shows </a>

CoinGecko: Bitcoin grew by 155% in 2023 due to ETF optimism

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