According to a report by Binance experts, the crypto industry saw a 109% increase in total market capitalization in 2023, marking a largely favorable turnaround.
This growth was largely driven by the first and fourth quarters, with the fourth quarter showing optimism due to the expected approval of spot Bitcoin ETFs in the US.
The macroeconomic climate, including strong global GDP growth and easing inflation rates, also played a role in driving investor interest in high-risk assets.
The dominance of L1 blockchains, primarily Bitcoin, was a notable trend, with the leader regaining over half of the total capitalization and being supported by networks of leading altcoins such as Ethereum, BNB Chain, Solana, Avalanche, Cosmos, and others, according to the experts at Binance.
