by • Q2 2023 was a relatively quiet quarter in the crypto world compared to Q1, which saw major developments such as bitcoin price doubling and the rise of layer-2 protools.
• According to digital asset price-tracking platform CoinMarketCap, Q2 failed to produce groundbreaking developments, recording trends like memecoin season and the rise of BRC-20 tokens.
• The total spot trading volume of the top 20 crypto exchanges plunged by 36%, reaching an almost dormant state by the end of Q2.
Q2 2023 – A Lost Quarter for Crypto World
Q2 2023 seemed like a lost quarter in the crypto world according to a recent report by digital asset price-tracking platform CoinMarketCap.
What Happened in Q1?
The previous quarter (Q1) saw strong market narratives such as bitcoin price doubling and the rise of layer-2 protools while non-fungible token (NFT) market also became more active.
What Happened in Q2?
In comparison, Q2 recorded trends like memecoin season and the rise of BRC-20 tokens, which were noteworthy but did not generate enough excitement.
Spot Trading Volume on Exchanges
The total spot trading volume of the top 20 crypto exchanges plunged by 36%, reaching an almost dormant state by the end of Q 2. After peaking in March, it declined significantly and reached c.$523 billion per month.
