What’s Going On In CRYPTO?! This Report REVEALS It ALL!!

The first half of 2023 saw the Rebounding of the crypto market after a Disastrous 2022 and despite a quiet April and May Q2 ended with some notable Trends to the four BTC is up stable Coins are down eth staking is hot but Nfts are not spot trading dropped and Binance lost ground but how can you stay On top of all these goings-on across the Crypto industry well luckily you don't Have to the fine folks at coing Gecko Have written a report covering all the Major happenings in Q2 of this year and In this video I'm going to take you Through it I'll summarize what it says In simple terms and help you put it all In context so if you want to know about The state of crypto keep watching Now for those newer to crypto coin gecko Is a hugely popular crypto price Tracking site alongside coin market cap It's the go-to site for seeing the state Of play in the market I'll leave a video Where we compare the two sites in the Description below I'll also link to the Full version of coing geckos report if You want to read it for yourself and now On with the show Now the report begins with a note from Coing gecko's Founders where they talk About ethereum's successful Chapel Upgrade and how eth staking has taken Off and become a core defy primitive for People to build off for years to come

If you need your memory jogged the Shapella upgrade allowed users to access And potentially unstake over 18 million Staked eth There were worries at the time that this Might lead to a massive eth sell-off Which could have driven the price down But this sell-off never materialized More on that later unsurprisingly the Founders also mentioned the sec's Lawsuits against top exchanges binance And coinbase and the resulting drop in Crypto prices as you'll remember just as People thought crypto's total market cap Might drop below 1 trillion dollars Though BlackRock the world's largest Asset manager filed for a spot Bitcoin ETF and sent prices back up as a wave of Other institutional players followed Suit The total crypto market cap at the end Of Q2 this year was 1.24 trillion Representing around a 50 increase year To date Now the Founder's note concludes by Mentioning the fud surrounding nfts at The moment stating that they need to Evolve past being simple jpegs before Listing some exciting advancements made By builders in the space The introduction of the new zkevm layer 2s uni swap's V4 announcement and Real-world assets making their way onto Public blockchains are three such

Exciting developments that are sometimes Overshadowed by the drama of news Headlines So the first part of the report provides An overview of the crypto Market crypto Saw an incremental gain in its total Market cap in Q2 growing by 0.14 as the Founders mentioned in the intro note That means crypto's total market cap Returned to where it began the quarter 1.2 trillion dollars what's interesting Is that trading volume during the second Quarter decreased 42.7 percent from the Previous quarter now the authors don't Provide an explanation for this but Others have suggested that some Traders Have been put off by the regulatory Crackdown in the United States The report then looks at the market Dominance of the top 30 cryptocurrencies Now for reference market dominance means How much of the total market cap is Coming from a single crypto the big Movers were Litecoin as LTC broke into The top 10 and Bitcoin cash as bch Climbed from 27th position to 18th Unsurprisingly both coins jumped after They were listed on edx markets an Institutional crypto exchange that Launched on the 20th of June and is Backed by some heavyweight institutions Including Fidelity digital assets Charles Schwab and Citadel Securities in Fact bch is priced more than doubled in

A week as a result of that edx Announcement Meanwhile busd dropped six places to 18th while filecoins Phil and hedera's H-bar fell out of the top 30. overall BTC continues to dominate as we're in a Bear Market investors have largely Shifted from altcoins to BTC and eth Indeed this is what I've largely done And if you want to know what cryptos I'm Holding make sure to sign up to the coin Bureau newsletter I'll leave a link Below anyway plug over back to the Report The authors note that btc's dominance Rose 3.2 percent to 47.9 levels it had Not reached since Q2 of 2021. eth Dominance also saw an increase of one Percent to 18.8 overall next to the top Five where the price of BTC and eth Increased 7 and 6 respectively in Q2 While BNB xrp and Ada saw double-digit Losses now this was obviously prior to The recent ruling in the SEC versus Ripple case Worst hit were the top five play to Earned tokens which fell by 30 to 40 Percent after a rather strong recovery In q1 of this year now this could be Because there's been a shift in priority From play to earn in 2021 to improving Gameplay in 2023 that is according to Research carried out by the blockchain Game Alliance as for stable coins

Meanwhile they saw an overall market cap Drop of 3.5 percent in Q2 usdt expanded Its market share to 66 while the next Three largest stable coins usdc die and Busd dropped by double digit percentage Points busd's drop is linked to paxos Announcing its wind down following the Wells notice from the SEC and the fact That 3.4 billion of busd was Subsequently removed from circulation TUSD meanwhile spiked 50 in market cap After binance minted around 1 billion Worth next the report took a look at how Crypto compares to mainstream index Funds using the S P 500 stock index as a Gauge the S P 500 increased while the Total crypto market cap remained flat in Q2 specifically the correlation between The two was moderately negative at minus 0.54 Bitcoin however defied the overall Crypto Market seeing growth of 7.3 Percent the S P 500 slightly edged BTC Reaching 7.9 growth in Q2 Next the authors provide an awesome Timeline of all the significant events That occurred in crypto during the Second quarter of this year and they Include just about everything you'd Expect ethereum Shanghai upgrade Pepe Hitting a 1 billion market cap Atomic Wallets exploit BlackRock filing for a Spot Bitcoin ETF and so on Now the first section naturally mentions The SEC and provides a very useful

Overview of the regulator's lawsuits Against binance and coinbase notably it Includes the tokens named in both Lawsuits all of which saw their prices Fall as a result The second part of the report provides An analysis of Bitcoin and it starts With this chart showing btc's 6.9 gain In Q2 after ending the quarter with a New 2023 High over thirty thousand Dollars now this is strongly linked to Blackrock's spot Bitcoin ETF filing and The wave of institutional interest in Crypto following that development now we Covered this development in a previous Video which I will of course link to Below BTC also gained from the continued Rise of ordinals and the introduction of BRC 20 tokens for those unfamiliar this Is an experimental token standard that Enables minting and transferring Fungible tokens via the ordinals Protocol on the Bitcoin blockchain Meanwhile bitcoin's hash rate only Continues to climb and even managed to Set an all-time high in May For those who don't know bitcoin's hash Rate is a measure of how much computing Power is connected to the Bitcoin Blockchain for the first time in years An explosion in demand for Bitcoin block Space caused by the ordinals protocol Pushed up transaction fees and resulted In miners earning more from the average

Fee paid per block than the block reward Itself the last time this happened was During the market Peak back in 2017. Now when comparing BTC to other assets The authors found the BTC beat most Major asset classes in Q2 except for the NASDAQ and the S P 500 both of which saw Big gains in large part because of the Massive interest in mega cap tech stocks The hype around AI this year has Obviously been the Big Driver of said Tech stocks So the third part of the report then Provides an analysis of ethereum eth Gained six percent in Q2 slightly less Than btc's 6.9 percent but significantly Above the overall crypto Market The report notes that the chappella Upgrade in April did not cause early Stakers to withdraw and sell their Staked eth as some had feared instead The price of eth rose to above 2K for The first time in 2023 It's good to see the authors also Mentioning the developments in the xero Knowledge space zksync start net and Polygon are all working on projects that Have huge potential for ethereum The chappella upgrade meanwhile Predictably enough led to a 30 Jump in Eth staking a total of 23.6 million eth Is now staked 5.6 million each higher Than at the end of q1 as for staking Providers Lido remains top dog while

Kraken dropped by 36.2 percent after Being forced by the SEC to wind down its Staking product in the United States Next the authors look at ethereum's burn Rate thanks to the mid-may meme coin Madness eth saw its second net burn Quarter if you're not aware burning Involves sending coins or tokens to a Wallet that has no access keys so these Tokens are lost forever this limits the Number in circulation among other things On ethereum a portion of every Transaction fee paid by users is burned Following the 2021 London hard Fork Coing gecko has a handy explainer about This on its website which I'll link to Below The top eath burner remains uni Swap Metamask and xen projects joined the top Six leaderboard in Q2 largely due to the Slump in nft trading volume yeah xcn Projects nope me neither and this Doesn't tally with data from etherscan Or ultrasound money so if you're Familiar with xen Zen whatever maybe you Helped write this report please do Enlighten Us in the comments below Moving on Anyv or maximal extractable value Transaction volumes fell by 87 in the Quarter despite this any researchers Increased their earnings by 11 to 27.2 Million dollars this quarter The report shows that sandwich attacks

Dropped overall but sandwich Bots are Making more on average with each attack Now the way these attacks occur is a bit Tricky to explain in a few words but it Involves executing buy and sell trades Almost simultaneously to manipulate the Price of a cryptocurrency and take Advantage of the momentary price Difference between two trades Comparable activity is illegal in Tradify but is for the time being at Least allowed in D5 I wonder for how Long Then the authors cover meme coin season And show how Pepe saw gains of over 1800x at its peak reaching a frankly Ridiculous market cap of 1.8 billion Dollars following the announcement that It would be listed on binance in second Place came AI Doge which saw returns of Up to 235x at its peak and was notable For being launched on arbitrim The other big development in the land of Meme was the aforementioned introduction Of brc20 tokens via Bitcoin ordinals now The fourth part of the report is Dedicated to defy defy has been up and Down in Q2 but mostly down dropping 5.2 Percent in the quarter The chappella upgrade and the sec's Lawsuits against binance and coinbase Brought gains for defy but these were Eclipsed by gains made across the rest Of the crypto Market overall d5's

Dominance fell below 3.9 percent of the Global market cap ethereum continues to Dominate and Now controls nearly 70 Percent of multi-chain tvl or total Value locked meanwhile Tron has secured The second Spot while BSC fell by a Massive 30 percent Overall the defy tokens market cap Dropped 17 in the quarter fixed interest Protocols were the only net gainers Rising nearly 20 thanks in no small part To the popularity of Pendle Liquid staking protocols lost 17 of Their market cap but increased total Market share compared to q1 this is Largely due to the Boost gained from the Chappella upgrade Next the authors provide an overview of Lsd5 in other words D5 protocols built On top of liquid staking derivatives Lsds now lsds for those unfamiliar allow Users to stake their coins in return for An equivalent amount of liquid tokens Which can then be used elsewhere the Most prominent of these is Lido's St eth Now the authors then turn to cross-chain Bridge liquidity They found that the launch of new Networks and rumors of potential Airdrops caused a 4.4 percent increase In total cross-chain Bridge liquidity by The start of Q3 wormhole's portal token Bridge was the top gainer in terms of Liquidity followed by wrapped Bitcoin as

You can see by the chart five of the top 12 Bridges saw double digit drops in Q2 Chapter 5 takes us to nfts trading Volume here decreased by 35 in the Second quarter despite the popularity of Bitcoin ordinals trading volume for Solana nfts fell a spectacular 78 partly Due to the migration of the Gods and Utes to ethereum and polygon Respectively meanwhile ethereum Maintained its nft dominance with 83 Percent of market share Blur was the dominant marketplace with 71.2 percent of trading volume meanwhile Open C continued to decline from 33 to 23 in the quarter as I think I've Mentioned before I feel Open Seas Decline is due less to competition and More to the controversial things the Platform has done recently such as Freezing nfts and blocking users from Sanctioned countries anyhow I digress Now the authors also indicate that the Popularity of Bitcoin ordinals saw new Marketplaces that support these nfts Including unisat okx and ordinals wallet Grab significant market share they then Cover four notable nft collections yoga Labs meme land azuki and Milady maker Now while yoga labs and Suzuki saw some Setbacks in Q2 meme land and Milady Maker had good quarters gaining Significant attention in the nft Ecosystem

The next page then provides an overview Of nft lending as you can see there was Massive growth in May and June with the Launch of blend causing a stratospheric Rise in lending volumes which are up by Over 450 percent as the authors note Blends fixed interest loans and Incentive model which allows lenders to Earn blur points to receive future blur Token drops are what account for most of Its success So the final chapter of the report is About exchanges after rising to 4.2 Trillion dollars in March trading volume Fell by nearly 20 down to 2.8 trillion At the end of Q2 notably for the first Time since 2022 the sex to Dex spot Trading ratio dropped to below 90 in Terms of centralized exchanges binance Remains dominant with 52 percent of Market share but has dropped 11 points Since January when it had 63 percent Much of this decline can be explained by Its removal of zero fee trading for usdt Pairs but also intense regulatory Pressure in terms of sex trading overall Trading volume dropped from 0.9 trillion Dollars in April to 0.4 trillion dollars In May according to another report by Crypto analytics firm CC data trading Levels in May were the lowest they've Been in four years their Market vibes And how about dexes you may ask well These are covered too of course trading

Volumes across Texas also declined from Q1 but not as much as Sexes trading Volume dropped from 95 billion in May to 46 billion in June surprisingly the data From the report suggests there was no Noticeable uptick in trading volume on Dexes due to meme coin season despite The fact that most meme coins trade Initially on dexes before the sexes fomo In Ethereum Remains the most popular chain For Dex trading but saw its market share Drop to an average of 57 in Q2 from 74 In q1 arbitrum is the biggest winner Cementing its place as the second most Popular chain with over 18 average Market share in Q2 meanwhile BSC did Well almost doubling its market share From q1 This fairly uniform bar chart shows that The relative market share of exchanges Remained constant in 2023 however there Was an 11 decrease in trading volume Overall there was also a slight around Five percent increase in open interest Across the top 10 centralized Perpetual Exchanges The chappella upgrade provided a Short-lived Spike as you can see from The chart the authors also note that Centralized Perpetual exchanges are Around 40x larger than decentralized Perpetual protocols in terms of open Interest

Decentralized perpetuals fell by around 13 in Q2 interestingly there are shifts Across platforms in terms of market Share while dydx regained some of its Market share from 66 at the end of q1 to 72 percent in late June second place GMX Now sees its position threatened by Newer entrants including quenter and Games Network The final page of the report looks at Open interest on decentralized Perpetual Protocols the authors find a minor 3.2 Percent decrease in Q2 which they say is A sign that quote on-chain Traders are Still maintaining their positions Despite BTC and eth's tumultuous price Action in the past quarter So this brings me to the big question And that's what the findings of this Report mean for the crypto Market Some important context is that while Q2 Saw declines it was only in comparison To a particularly good q1 In fact when you zoom out a little the Picture becomes a heck of a lot Rosier Across the board the market has Recovered from the lows in late 2022 in Fact it has jumped from just over 0.8 Trillion at the end of 2022 to around 1.2 trillion halfway through 2023. BTC has risen from a yearly low of 15 742 in November to around thirty Thousand dollars now and when you look At Q2 in context with the annual summary

Report of 2022 there are a few other Takeaways binance's market share is back To levels seen in the second half of 2022. the exchange gained a lot of its Market share in late 2022 and early 2023 From the demise of FTX it is true However that it is now in the crosshairs Of the SEC and has faced some recent High-level resignations so it'll be Interesting to see as we move forward Whether its market share remains above 50 percent The nft winter that set in around June 2022 slightly thawed in early 2023 and Even though its drop since is still Above levels from the second half of 2022. blurs rise to number one has been Particularly impressive having only Launched back in October and finally BTC Was the worst performer against eight Major Assets in 2022 then the best in q1 Of 2023 and the third best in Q2 of 2023 So while the crypto bear Market persists The Outlook is not nearly as Grim as it Might seem we still have a long way to Go before we can begin dreaming of new All-time highs and a multi-trillion Dollar market cap again but reports of Crypto's demise have been greatly Exaggerated So folks thanks for tuning in to today's Coin gecko crypto report summary if you Enjoyed the content show your support by Hitting that like button if you want to

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