the crypto industry's market cap reached $2.4 trillion in 2023

Crypto’s Market Cap Hit $2.4 Trillion In 2023

3 min read

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The cryptocurrency industry’s market cap reached a staggering US$1.6 trillion (AU$2.4 trillion) in 2023, according to latest industry statistics by CoinGecko.

The crypto data tracker released its Annual Crypto Industry Report, which revealed that crypto’s market cap was up a healthy 55 percent from US$1.1 trillion (AU$1.67 trillion) to US$$1.6 trillion (AU$2.4 trillion).

So, it seems like the crypto market is far from dead.

Source: CoinGecko

Crypto on track for a “robust year”

If you’re wondering how much the Bitcoin ETFs were worth to the crypto market, you now have your answer.

According to the report, the industry “more than [doubled] its market cap from US$832 billion (AU$1.27 trillion) at the beginning of the year” to the above figure. CoinGecko says this was driven primarily by Bitcoin’s resurgence, whose price soared from US$27,000 (AU$41,000) to US$42,000 (AU$63,900) throughout 2023.

This also means that Bitcoin’s price rose a whopping 155.2 percent last year.

Source: CoinGecko

On the other hand, although ‘digital silver’ a.k.a. Ethereum was outpaced by Bitcoin, it still saw a pretty solid performance in 2023. Ethereum rose 90.5 percent last year and ended the year with a yearly high of US$2,380 (AU$3,620). 

Source: CoinGecko

Solana, a crypto that’s dubbed the ‘Ethereum killer’, endured some significant obstacles in 2022 and early 2023. However, that didn’t stop its believers from cashing in on the token. In 2023, Solana recorded a “meteoric” 917.3 percent rise – its price skyrocketing from US$10 (AU$15) to US$101.30 (AU$154).

Source: CoinGecko

The top eight most dominant cryptocurrencies of 2023 were the usual suspects: Bitcoin, Ethereum, Tether, Solana, and so on.

Source: CoinGecko

What about NFTs?

Last year, a scathing report stating that 95 percent of NFTs are dead sent shockwaves throughout the NFT community. Unfortunately, data from CoinGecko’s report somewhat reinforced this.

NFT trading volumes across the top ten blockchains stood at US$11.8 billion (AU$18 billion) in 2023, but this figure is only less than half (44 percent) of how much NFTs were trading for in 2022. Ethereum remains the most preferred blockchain to facilitate NFT transactions (72.3 percent). 

Source: CoinGecko

Crypto in 2023

Overall, CoinGecko’s report projects that crypto is on track for “a robust year of recovery”. With spot Bitcoin ETFs’ approval and the upcoming Bitcoin Halving, the crypto industry is at its most optimistic in years.