CoinGecko’s 2023 Annual Crypto Industry Report has recently been published, providing a comprehensive overview of the current state of the crypto industry. The report not only covers the impressive growth of Bitcoin by +155.2% and Ethereum by +90.5%, but it also delves into NFT trading volume throughout the year, giving valuable insights into the overall performance of the crypto market.
One of the key highlights of the report is the analysis of the crypto trading volume in 2023, particularly emphasizing the activity on both centralized crypto exchanges (CEX) and decentralized exchanges (DEX).
Centralized crypto exchanges were dominant in 2023, contributing to a staggering $36.6 trillion in trading volume, representing an increase of +53.1% from Q3 to Q4. The growth was driven by a growing bullish sentiment in the market, with the anticipation of spot Bitcoin ETFs’ approval by the SEC playing a significant role.
Despite facing challenges such as the aftermath of FTX’s collapse, the global banking crisis, and regulatory difficulties for Binance, the data presented in the report reveals an overall market recovery. In December 2023, the trading volume spiked to $4.3 trillion, a level not seen since March 2023.
Furthermore, the report highlights the dominance of centralized exchanges compared to decentralized exchanges. The spot trading volume ratio between CEX and DEX hovered around 91.5% in Q4, with Binance, Upbit, OKX, Bybit, and Coinbase emerging as the top 10 centralized exchanges by trading volume.
The report also provides an insightful analysis of the spot trading volume in decentralized exchanges, revealing that the Top 10 DEXes recorded $205.3 billion in trading volume in Q4. Notably, Orca and THORSwap emerged as the biggest gainers, experiencing significant surges in trading volume.
In addition, the report breaks down the spot DEX trading volume by chain, highlighting the performance of Ethereum, Solana, and THORChain in Q4. The data shows that Solana experienced a remarkable 985.5% increase in trading volume, positioning itself as a standout performer in the DEX space.
Overall, CoinGecko’s 2023 report provides valuable insights and analysis that shed light on the state of the crypto industry, offering valuable information for industry professionals and investors alike.
