Binance releases the H1 2023 report: Bitcoin market dominance hits a new high!

[Sophie Robert]

Binance, the world’s largest cryptocurrency exchange, has released its report for the first half of 2023. According to the report, Bitcoin’s market dominance reached its highest level since April 2021, and its year-to-date price performance has remarkably outperformed many traditional financial investments. The stablecoin market capitalization has dropped, but the market share of USDT has increased significantly. NFTs have lagged behind the overall cryptocurrency market, while the infrastructure, gaming/entertainment, and DeFi sectors attracted the most investment.

Bitcoin Dominance and Traditional Finance
Significantly outshining traditional financial market investments, Bitcoin demonstrated an 87% growth in price. Amid these shifting tides, it’s intriguing to observe the unique dynamics of Bitcoin’s relationship with traditional finance as it reaches its lowest correlation levels in years.

Despite facing industry challenges, the crypto market exhibited robustness. The total crypto market capitalization concluded H1 2023 on a positive note, propelled significantly by Bitcoin’s robust performance. New energy ripples through the Bitcoin ecosystem, promising exciting innovations and growth on the horizon.

Official Report - https://research.binance.com/en/analysis/half-year-2023