- Global cryptocurrency market reached $1.17 trillion market capitalization in Q2.
- Virtual Reality/Augmented Reality sector experienced a 704% market capitalization surge.
- Ethereum dominates Smart Contracts, Cardano gains attention for technical advancements.
Based on the latest research by CoinMarketCap, the global cryptocurrency market encountered a mix of difficulties and exhilaration during the first half of 2023 (H1). Notably, the market capitalization reached an impressive $1.17 trillion by the conclusion of Q2, showcasing a remarkable year-to-date surge of 48%.
The report highlighted that the market caps for both the first and second quarters concluded at comparable levels, resulting in the designation of Q2 as a “lost quarter.” Nevertheless, certain sectors have experienced noteworthy expansion, thrusting them into the limelight.
One notable sector that witnessed an astounding surge in the crypto industry was the Virtual Reality/Augmented Reality (VR/AR) sector. According to the report, its market capitalization experienced an astonishing skyrocketing of 704%.
In the first quarter of 2023, the crypto industry witnessed the rise of AI & Big Data as a prominent sector, experiencing an impressive market cap surge of 323%. The introduction of OpenAI’s ChatGPT primarily drove this surge. Notably, June witnessed a renewed interest in AI-related tokens such as SingularityNET (AGIX) and Fetch.ai (FET), rebounding almost 40% from their lowest points in mid-June.
Similarly, the speculative fervor surrounding meme coins reached new heights in the first half of the year, witnessing the addition of over 260 fresh coins, spearheaded by the renowned PEPE token. Notably, PEPE demonstrated an astonishing surge of over 3700 times its initial value. While PEPE did experience a decline from its peak in May, CoinMarketCap data unveiled that the token rebounded by nearly 100% from its lows in mid-June.
DOGE, SHIB, and BabyDoge, well-established meme coins from previous cycles, have consistently attracted significant attention within the cryptocurrency sector. Moreover, the meme sector’s widespread appeal has resulted in substantial user engagement on CoinMarketCap’s community platform, with memes generating the highest levels of interaction regarding likes, posts, and comments.
In the crypto industry, Ethereum (ETH) continued to be the primary platform associated with Smart Contracts, especially following the successful implementation of the Shapella upgrade. This upgrade facilitated the withdrawal of staked ETH from the beacon chain, further solidifying Ethereum’s dominance in Smart Contracts.
CoinMarketCap also noted a significant increase in activity for Liquid Staking Derivatives (LSDs), driven by Ethereum’s Shapella upgrade. Prominent players in the market, such as Lido and Rocket Pool, witnessed substantial growth during this period.
Cardano (ADA) has garnered considerable attention within the crypto industry, primarily driven by its notable technical advancements, such as the implementation of the scaling solution Hydra and the introduction of the governance proposal CIP 1694.
Bitcoin continues to maintain its position as the most widely observed cryptocurrency across diverse regions, exerting its dominance over alternative coins. Shiba Inu and Baby Doge Coin have garnered significant attention in various regions. Additionally, Ethereum remains a favored coin of interest in most regions, except for Asia and Africa, where scaling solutions such as Polygon and Arbitrum have gained considerable traction.
