Cryptocurrency trading volume exceeded $36 trillion in 2023

The fourth quarter of 2023 was particularly notable, with trading volume of $10.3 trillion during that period, analysts said. That figure was up more than 53% from $6.7 trillion in the third quarter. Average daily trading volume reached $75.1 billion in the fourth quarter of 2023, up 92% from the previous quarter. However, total daily trading volume for the year was nearly $59 billion, still trailing 2022 levels by more than 31%.

There have been significant changes in the ranking of the 30 largest crypto assets. For example, SOL and AVAX achieved notable success, while new crypto assets entered the top thirty: Internet Computer (ICP) and Near Protocol (NEAR). Bitcoin and Ethereum also showed significant growth in 2023.

The last quarter of 2023 saw increased optimism among traders and investors regarding US spot Bitcoin ETFs, which were approved by the US regulator in January. Bullish sentiment was reflected in the growth of the market capitalization of cryptocurrencies by 55% - from $1.1 trillion to $1.6 trillion. Over the entire year, this figure grew by 108%, considering that at the beginning of the year the total capitalization of the crypto market amounted to $832 billion.