Spot Quantity Hits $2.8T in Q1, with DEXs Outperforming CEXs: Report

• Crypto market cap grew by 48.9% to $1.2T in Q1 2023.
• Prime stablecoins misplaced $6.2B in market cap, whereas Tether gained dominance.
• NFT buying and selling quantity noticed a resurgence to $4.5B, with Blur dethroning OpenSea.

In accordance with the newest business report from the market monitoring platform CoinGecko, the crypto market began the 12 months sturdy following a turbulent finish to 2022, rising by 48.9% to succeed in $1.2 trillion in 2023 first quarter.

The report confirmed that Bitcoin (BTC) outperformed conventional asset courses with a quarter-over-quarter enhance of 72.4%, making it the best-performing funding out there. The NASDAQ index adopted far behind with a acquire of 15.7%, and gold got here in third with solely an 8.4% acquire.

Moreover, crypto spot buying and selling quantity elevated by 18.1%, reaching $2.8 trillion, with decentralized exchanges (DEXs) rising sooner than centralized exchanges (CEXs). Extra so, common day by day buying and selling quantity elevated by 30% in comparison with 2022’s first quarter, peaking in early March because of the banking disaster earlier than truly fizzling out later within the month.

The report additionally captured the occasions that affected widespread stablecoins early this 12 months. It mentioned the highest stablecoins shed $6.2 billion in market cap, with USD Coin (USDC) and Binance USD (BUSD) experiencing essentially the most important declines. In the meantime, Tether (USDT) gained 20.5% in market cap, whereas TrueUSD (TUSD) entered the highest 5 rating listing after it grew by 169.3%.

Equally, the non-fungible token (NFT) buying and selling quantity surged to $4.5 billion, with Blur dethroning OpenSea as the highest market, holding a 71.8% market share. Solana’s ecosystem declined, with Magic Eden’s buying and selling quantity dropping by 67.9% and notable collections migrating to different chains.

However, the DeFi market noticed a constructive development of over 65%, primarily pushed by liquid staking governance tokens. Liquid staking tokens overtook lending protocols because the third-largest class, with a 210.9% enhance in market cap.