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Were well over half a year into 2023. Thats enough for CoinMarketCap to have a look back at the first six months of this year. This is Part 1 of our two-part series on this topic.

So, lets take a look at the state of the crypto market during the first half of 2023.

The CMC report starts with a crypto market overview. They kick this off with some positive news. At the end of Q2, theres a $1.17 trillion global market cap. Thats a year-to-date increase of 48%. However, Q2 was not as strong as Q1. They noted that Q1 had stronger market narratives. For example, thats when the Bitcoin price doubled.

Furthermore, we saw important narratives as L2s develop. For instance, Arbitrum or ZKSync. On the NFT front, we saw the Blur token issue. This signaled a strong interest in NFTs. During Q2, we saw meme coins and BRC-20 tokens rise to the occasion. However, they didnt generate the same excitement levels as we saw during Q1.

Another interesting development was with the crypto Fear and Greed index. The year started with Fear, measured at 30. However, towards the end of Q2, this index stood at 52, which is neutral. So, in general, the market sentiment improved during the first six months of 2023.

Lets take a look at the top 20 crypto exchanges. They saw a peak in March in their Spot trading volume. Thereafter, it inclined by 26% quarter-to-quarter. So, by the end of Q2, it was down to $523 billion per month and almost stagnant.

There were also some growing sectors. Especially the VR/AR narrative stood out. This sector increased by 704%. AI and Big Data came in second with a 323% growth. We also saw blue-chip NFTs and Infrastructure projects with a comeback. See the picture below. For example:

We also saw 260 new meme coins listed. That was the most in all sectors. AI & Big Data ranked as #2 by adding 61 coins. DeFi added another 47 new tokens.

Here are some prices and key events for Bitcoin. For example:

The highlights for Ethereum are, for instance:

See the picture below for the major Ethereum events.

To understand crypto markets, CMC starts with the most popular sectors and coins. For instance,

See the picture below to find the top coins in the most viewed sectors.

This is Part 1 of a 2-part series about the state of the crypto market in Q1 and Q2, 2023. We looked at the crypto market overview, and major events for Bitcoin and Ethereum. Understanding crypto markets is also part of this. In Part 2 we elaborate further on this topic.

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The State of the Crypto Market (H1-2023) Part 1 - Altcoin Buzz