CoinMarketCap, a digital asset site that tracks cryptocurrency prices and trading volumes, has released a market analysis report for the first half of 2023.。The report shows that the market value of cryptocurrencies has increased this year, but there was little change in the first and second quarters.。

As of the end of the second quarter, the global cryptocurrency market capitalization reached 1.$17 trillion, up 48% from the beginning of the year。CoinMarketCap pointed out that in the first quarter, the rise in bitcoin prices and the intensification of non-homogeneous token (NFT) market activity drove the increase in market capitalization.。

Spot Transaction Volume

In addition, according to CoinMarketCap, digital asset trading volumes grew in the first quarter of the year, but declined in subsequent quarters.。Total spot trading on 20 cryptocurrency exchanges peaked in March, but fell 36% month-on-month to $535 billion as of June.。

Across the cryptocurrency space, meme tokens are the most popular category, receiving the most views in April and May.。The second and third most viewed assets belong to decentralized finance (DeFi) and NFT, respectively.。CoinMarketCap explains that after the launch of OpenAI's ChatGPT, artificial intelligence and big data have also gained significant attention.。

Most importantly, the second most popular blockchain network Ethereum is leading the way in the field of smart contracts。The Shapella upgrade, which went live in April, boosted its popularity, with the upgrade enabling Ethereum users to unlock some 18 million Ethereum coins locked in the network.。

Bitcoin is expected to soar

CoinMarketCap also highlighted events that have had a significant impact on the digital asset space, particularly the recent wave of spot Bitcoin exchange-traded fund (ETF) applications in the United States.。Top asset managers BlackRock, Valkyrie, Fidelity, Ark Invest and 21Shares have filed applications with the SEC to list spot Bitcoin ETFs.。

The report shows that investments in cryptocurrency ETFs and exchange-traded funds have reached $9.5 billion.。This number could reportedly increase if the SEC approves applications for spot Bitcoin ETFs。

A separate report by K33 Research, an analytics platform published by The Financial Giant on July 19, shows that investment in Bitcoin ETP increased by 25,202 BTC to 196,824 BTC in the four weeks ended July 16.。ETP is a security that tracks the price of an underlying asset。