Binance spoke about the positive dynamics in the digital asset industry for the six months of 2023, which “creates a solid foundation for growth” in the future. This is stated in a report provided by ForkLog.
According to the document, the total market capitalization grew by 30% year on year, by the end of June, fixing the level of $1.17 trillion.
Bitcoin dominance has reached its highest level since April 2021. Meanwhile, the correlation of the first cryptocurrency with the traditional market is at a three-year low.
Digital gold trading volume has increased by 185% since the beginning of the year, and the number of transactions has increased by 58%.
Average commissions on the network rose by 143%, which analysts attribute to the hype around Ordinals.
Bitcoin hashrate also increased by 40% and mining difficulty by 43%.
The “fear and greed index” of the first cryptocurrency has doubled since January, showing increased confidence from traders.
Of the other Tier 1 blockchains, Solana experienced the most significant growth in capitalization, up 105%, to $7.6 billion. The BNB network has the best performance since the beginning of the year, recording a 113% increase in daily transactions compared to 48% for Ethereum.
Liquid staking has become the largest DeFi sector. His total TVL has grown by 460% since the beginning of the year.
Despite a 7% decline in stablecoin market volume, the share of USDT increased by 26%. The company also noted the development of competitors in the face of USDD, crvUSD, GHO and LUSD. The capitalization of the latter grew by 54% in six months.
According to Binance, the top 10 crypto funds raised a total of $3.6 billion in the first half of the year.
“Amid global economic shifts, the crypto industry continues to thrive and demonstrate its resilience. […] These innovations, combined with the growing participation of institutional players, lay a solid foundation for the future growth of the industry and its wide acceptance,” summed up Vladimir Smerkis, Binance Regional Director for the CIS.
Recall that on July 14, the largest crypto exchange in terms of trading volume turned six years old. In honor of the holiday, platform CEO Changpeng Zhao thanked the employees, recalled important milestones in the company’s history, and shared plans for the future.
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