Crypto Market Consolidation and Key Trends in Q2 2023

According to the CoinGecko report, the entire cryptocurrency market saw a slight increase of 0.14%, with the total market cap rising from $1.238 trillion on March 31, 2023, to $1.240 trillion on June 30, 2023. This period was characterized by a consolidation of gains, following the exuberance of Q1

Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies, experienced growth during this quarter. Bitcoin prices rose by 6.9%, increasing from $28,517 to $30,481, outperforming the total crypto market cap. This growth was despite a 58.7% decline in average daily trading volume from $33.4 billion in Q1 to $13.8 billion in Q2. Ethereum also saw an increase of 6.0% in Q2, with prices hovering around $1,900.

The report also highlighted a 3.5% shrinkage in the stablecoin market, with USD Coin (USDC) and Binance USD (BUSD) being the biggest losers. In contrast, Tether (USDT) strengthened its foothold, adding 4.4% ($3.48 billion) to its market cap and ending Q2 with a 66% market share of the stablecoin market.

A significant trend in the Ethereum ecosystem was the growth of ETH staking by 30.3% in Q2 2023, reaching 23.6 million ETH staked. This represented a gain of 5.6 million and was facilitated by the enabling of withdrawals.

Despite the growing popularity of Bitcoin Ordinals, the non-fungible token (NFT) trading volume saw a 35.0% drop, from $4.84 billion in Q1 to $3.15 billion in Q2. Ethereum remained the dominant platform for NFT trading in Q2, capturing 83.0% of the volume.

Trading volumes on both centralized and decentralized exchanges fell by 43.2% and 28.1% respectively. Binance, the leading centralized exchange, saw its market share drop to 52%. In the decentralized exchange market, Uniswap maintained its dominance.

The report provides valuable insights into the crypto market landscape, including deep dives into the decentralized finance (DeFi) and NFT ecosystems, and reviews of exchange performance. These insights are crucial for understanding the trends and dynamics shaping the cryptocurrency market as it continues to evolve

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Bored Ape Yacht Club Creators Launch Bitcoin NFT Collection

Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), have announced a new collection of non-fungible tokens (NFTs) called TwelveFold. The collection features 300 tokenized computer-generated artworks on Bitcoin, with each artwork representing a base 12 art system localized around a 12×12 grid. Yuga Labs designed the collection to explore the relationship between time, mathematics, and variability using the Bitcoin blockchain. The TwelveFold collection is set to go up for auction later this week.

Yuga Labs explained the concept behind TwelveFold in an accompanying blog post, saying the collection is an allegory for the cartography of data on the Bitcoin blockchain. The post further explains that satoshis are the smallest individually identifiable units of a Bitcoin and that an inscribed satoshi can be located by tracking when that satoshi was minted in time via the Ordinal Theory protocol.

The move to launch a new NFT collection on Bitcoin comes amidst falling search interest for NFTs, as indicated by Google Trend data. However, NFT trading volume data from February suggests that the market is still strong, with $997.14 million worth of global NFT sales for the month.

In other news, the Golden Key NFT, won by Twitch streamer Mongraal in a Dookey Dash competition hosted by Yuga Labs, has been sold for 1,000 Ether to Adam Weitsman, BAYC NFT hodler and CEO of scrap metal shredding company Upstate Shredding. The Golden Key is bound to unlock something special from Yuga Labs, although the specific details have not yet been revealed.

Polygon Foundation, the nonprofit organization behind Ethereum layer 2 scaling network Polygon, has partnered with South Korean multinational conglomerate Lotte Group to host the firm’s NFT projects. The partnership will see Lotte’s avatar-based NFT project BellyGom ported over to Polygon from the Klaytn network and rebranded as BellyGom season two. The NFTs offer hodlers benefits relating to Lotte’s product and service lines, such as shopping discount coupons and hotel vouchers. The move adds to Polygon’s growing list of partnerships with major brands such as Starbucks, Adidas, Adobe, and Prada. Lotte intends to develop its Web3 initiatives in partnership with Polygon, aiming to expand its NFTs to a global audience and develop “a new NFT business model rather than simply issuing NFTs.”


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Bitcoin (BTC) $ 38,783.39 0.18%
Ethereum (ETH) $ 2,100.81 0.37%
Litecoin (LTC) $ 71.68 0.77%
Bitcoin Cash (BCH) $ 225.65 0.39%