The final quarter of 2023 saw significant shifts in the positions of the top 30 cryptocurrencies, accompanied by a notable increase in transactional activity compared to the previous quarter. According to a report, the average daily trading volume in 2023 Q4 reached $75.1 billion, representing a substantial 91.9% increase quarter-over-quarter.
However, despite the surge in trading volume, a recent report by CoinGecko indicates that the total trading volume for 2023 actually declined to about 70% of the previous year’s level. The overall daily trading volume stood at $58.9 billion, marking a 31.6% decrease from the figures reported in 2022.
Several prominent cryptocurrencies experienced fluctuations in their market capitalization rankings. For instance, Solana (SOL) managed to climb from the 7th position to the 5th position. Additionally, Solana’s price soared by an impressive 917.3%, rising from $10 to $101.30 in 2023. This substantial price jump prompted speculations about potential gains for Solana in the near future, particularly as the market hinted at the onset of an altcoin season characterized by a significant capital rotation from Bitcoin (BTC) to altcoins.
On the flip side, four cryptocurrencies, namely Hedera (HBAR), Binance USD (BUSD), Monero (XMR), and True USD (TUSD), dropped out of the top 30 cryptos by market capitalization in 2023. Notably, BeInCrypto identified Hedera as an altcoin to watch among the four, with its price standing at $0.07 at the time of publication.
Meanwhile, a recent report revealed that TrueUSD, a stablecoin, depegged below $0.97, causing outflows of around $141 million within a 24-hour period on Jan.18. This outflow of funds resulted in a depeg despite previous reports confirming TrueUSD reserves.
As the crypto market continues to experience fluctuations and changes, it is crucial for individuals to conduct independent verification and seek professional advice before making any decisions based on market movements or cryptocurrency developments.
