Binance, the world's largest crypto exchange, has given a detailed review of the past year in the crypto landscape in a recent report. The trade fair also takes a look at the coming year and outlines what it sees as the most important topics for the industry.
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Crypto Market Overview 2023
For the crypto market, 2023 will go down in history as the year of exiting the dark bear market. As Binance notes, the total crypto market capitalization has increased by 109 percent through 2023, largely due to significant gains in the first and last quarters of the year.
The optimism surrounding the Bitcoin (BTC) spot started last week Exchange-traded funds (ETFs) was the main catalyst for the huge market rally last quarter.
Of all the Layer 1 networks, blockchains such as Bitcoin, Ethereum (ETH), Solana (SOL) and Cardano (ADA), Bitcoin received by far the most attention. The now concluded ETF battle with big players like BlackRock and Fidelity as well as the upcoming Bitcoin halving are important factors for Bitcoin's dominance.
Layer 2 networks, or scaling solutions on Layer 1 networks, saw a remarkable growth of 321.3 percent in 2019 Total value locked (TVL) polite. This is simply the total value of cryptocurrencies locked in smart contracts. The dominance of these scaling solutions within the blockchain world has also increased by 77.2 percent.
The decentralized finance (DeFi) sector also experienced a significant revival. TVL increased by 38.9 percent year-on-year.
Despite all this, the global market capitalization of stablecoins has lost a modest portion of its value over the past twelve months. The total value of all stablecoins combined will have fallen by 5.2 percent in 2023.
For further details and additional points, you can find the full research report here.
Expectations and trends for crypto in 2024
As mentioned, Binance is also discussing what this year might have in store. “Eight key topics are particularly exciting to us and we expect to make significant progress in these areas over the course of the year,” it said.
First, Binance expects that all Bitcoin-related developments, such as the halving and spot ETFs, will play an important role in the overall market like last year.
In addition, Binance sees a significant role for so-called “Property Economics” Applications that promote property rights and economic participation, and Real assets (RWA), physical assets on the blockchain.
Security as well as accessibility and inclusivity are cited by Binance as factors that can take the industry to the next level.
According to Binance, 2024 will be a year of institutional adoption, driven in part by the launch of Bitcoin exchange funds.
If Binance has its way, artificial intelligence (AI) and on-chain liquidity will flourish in the coming year.
The bottom line is that it is important to emphasize that this is only the view of four Binance analysts. What the coming year will bring remains extremely uncertain and difficult to predict.
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