Binance Research's annual report takes an in-depth look at a variety of crucial industry topics such as #Bitcoin $BTC , #DeFi , or #NFTS , among others.
Madrid, January 15, 2024 – Binance, the world's leading cryptocurrency infrastructure and blockchain ecosystem provider, presents its annual crypto industry report, "Full-Year 2023 & Themes for 2024" by Binance Research, the Binance's research arm that provides institutional-level analysis and insights for cryptocurrency investors The industry report provides a comprehensive analysis of the cryptocurrency market's performance over the past year and outlines eight trends projected to shape the cryptocurrency landscape. industry in 2024.
The cryptocurrency market took a significant turn in 2023 and after analyzing its activity throughout the year, these are the main conclusions reached by Binance analysts:
• Market capitalization increased by 109% in 2023, driven by substantial gains in the first and fourth quarters. Last quarter's rally was fueled by optimism surrounding Bitcoin ETF approval and anticipation of the Bitcoin halving. The broader financial environment, marked by resilient global GDP growth and moderating inflation rates, also helped create an enabling environment for risk assets such as cryptocurrencies.
• Throughout 2023, Web3 projects attracted a total of 1,173 investments, accumulating collective capital of $9 billion. Of this figure, 36.5% was invested in infrastructure projects, followed by 13.3% in CeFi and 8.6% in DeFi. Despite the notable reduction in both investment volume and global valuations in 2023, there are positive indicators, such as signs of market recovery and the significant capital being allocated to infrastructure construction.
• There has been a resurgence of activity in the gaming industry at the end of the year. In the last week of the year, 12.6 million active weekly unique wallets were registered, more than double the number at the beginning of the year (5.8 million). 2024 looks like a year full of events, with the upcoming launch of several video games by notable giants in the sector.
• NFTs rebounded impressively in the fourth quarter, reaching $1.7 billion in December, the highest level of 2023. Bitcoin NFTs recorded the greatest growth.
• Decentralized finance (DeFi) saw strong growth in 2023, with TVL up 38.9% year-over-year. The notable rise of LSTs and LSTfi, the growing adoption of real-world assets, and the emergence of intent-centric architecture are notable developments that have contributed to the growth of the sector.
• Despite a rebound in October 2023, the global stablecoin market capitalization saw a decline of 5.2% throughout the year, accompanied by changes in market dynamics. Centralized stablecoins continue to dominate 92% of the market, with Tether's USDT increasing its dominance to 70.6%, even despite the emergence of new entrants such as Collateralized Debt Position (CDP) and LST-backed stablecoins.
Based on its expert analysis, Binance Research has also provided possible trends in the eight most intriguing themes in the 2024 crypto landscape in its report. These topics span various narratives and sectors, including: developments related to the Bitcoin ecosystem, artificial intelligence (AI), real-world assets (RWA), or institutional adoption, among others.
In the report, the Binance Research team shares: "To foresee the future of the cryptocurrency market, it is important to understand the lessons of 2023, which teach us the industry's ability to adapt, innovate and grow, even amid significant challenges. .The strong recovery in 2023 serves as a foundation for further advances, growth and possibilities for the crypto world."
Addressing the sector from a comprehensive perspective, from detailed monthly and quarterly industry analysis to the latest crypto thematic narratives, Binance Research continues to be a beacon for informed crypto market interaction and activity. This comprehensive year-end report is part of the company's ongoing commitment to lowering the barriers to entry into cryptocurrency for newcomers and providing experts looking to conduct their own research with up-to-date, truthful information.
#Binance Research invites all digital asset industry participants and those interested in expanding their cryptocurrency knowledge to read this latest industry report here.
Risk Warning: The information contained in this article should not be construed as financial or investment advice. Please do your own research. NFTs are not regulated in most countries, however, please make sure you are allowed to access our Binance NFT Marketplace based on your circumstances. For more details, please see the Binance NFT Terms and Conditions, our Terms of Use and Risk Warning.
Source: Territorioblockchain.com
