The crypto market experienced rapid growth in the first quarter of 2023, with a total global market capitalization of $1.185 trillion, a 50% increase from the previous year, and a 24-hour trading volume of $48 billion, up 137% from the same period last year. Despite the overall sideways trend, March saw some significant activity with the collapse of Silicon Valley Bank causing a drop in the USDC stablecoin, driving investors to safer assets such as Bitcoin and Ethereum, which surged 42% and 27% respectively. Interest in AI tokens also saw a significant rise, with coins such as AGIX and FET increasing 857% and 313% respectively. Additionally, there was a surge of interest in collectibles and Non-fungible tokens (NFTs) late in the quarter, with DeFi dominant before that. Finally, Terra Classic launch generated a lot of hype, which was bolstered by the extermination of 48.5 billion LUNC tokens out of a total supply of 5.9 trillion. All of these developments combined to make the first quarter of 2023 an exciting period in the crypto world.
Talia Ross
- 2023-04-06
Crypto Market Booms in the First Quarter of 2023
An overview of the bullish first quarter of 2023 for the crypto market, with a total global market capitalization of $1.185 trillion and a 24-hour trading volume of $48 billion. Additionally, there was a surge of interest in Non-fungible tokens (NFTs) and the launch of Terra Classic generating excitement.
