Professional Documents
Culture Documents
CoinMarketCap Research
Table of Contents
Chapter 1: Crypto Market Overview 01
A Lost Quarter
Bitcoin ETF
Decentralized Public Infrastructure Networks
Real World Assets
Liquid Staking Derivatives
Restaking
zkSync
Modular Blockchains (Celestia)
FTX Bankruptcy Developments
A Lost Quarter
The global crypto market cap reached $1.17 trillion at the end of Q2, marking a 48% YTD increase.
Interestingly, both Q1 and Q2 concluded with a similar total market cap, almost making Q2 seem like a lost
quarter in the crypto world.
Q2 also lacked the strong market narratives compared with the like Q1. In Q1 the market experienced more
significant developments such as bitcoin price doubling, the rise of L2s like Arbitrium and ZK, and a more
active NFT market partially driven by product upgrades and Blur’s token issuance. Q2 failed to produce any
similarly groundbreaking developments. Instead, Q2 witnessed different trends like the "memecoin season"
and the rise of BRC20 tokens, which, though noteworthy, did not match the level of excitement generated in
the previous quarter.
The CMC Crypto Fear and Greed Index began the year at approximately 30 (Fear) but concluded H1 around
52 (Neutral), indicating a notable improvement in market sentiment.
The Total Spot Trade Volume of the Top 20 Crypto Exchanges peaked in March and declined by around 36%
quarter-on-quarter, reaching a near dormant state by the end of June at c.523 billion per month.
01
Top 20 Crypto Exchanges Spot Trade Volume vs Bitcoin Price
Growing Sectors
02
Amidst a challenging market, certain sectors have shown remarkable growth in market cap year-to-date.
VR/AR (704%) and AI & Big Data (323%) have been leading the narrative in the market, while bluechip DeFi
projects and Infrastructure are making a strong comeback. Some of these sectors include Lending &
Borrowing (149%), Derivatives (75%), Storage (86%), Interoperability (58%).
Notably, Memes sector added over 260 new coins YTD, marking it the most active sector in terms of new
listings. AI & Big Data is No.2 and added additional 61 coins, whereas DeFi is ranked No.3, with additional 47
new listings YTD.
03
Chapter 2: Bitcoin and Ethereum Key Events
US-based
exchange
US inflation data EDX Markets
outperformed launches
Balaji bets $1M that market forecast
BTC would reach $1M Tether announced 32.00K
in 90 days BTC purchase SEC classifies
12 crypto
as securities
Bitcoin Ordinals 30.00K
took the market
by storm 28.87K
28.00K
26.00K
Silicon Valley
Bank collapse
BRC-20 24.00K
tokens hype
Hong Kong
MicroStrategy ended
introduce
loan agreement with
crypto legislation
BlackRock
applies for spot
22.00K
Silvergate and purchased
6,455 BTC Bitcoin ETF
20.00K
18.00K
16.60K
16.00K
14.00K
2,200
Hackers return
$10M worth
of ETH to Euler
SEC classifies
12 crypto as 2,000
securities
Ssv.network ERC-4337
launch $50M standard
ecosystem fund launched
1,811
Shapella upgrade
successfully
Vitalik warns of
1,600
passes
overloading
Ethereum consensus
mechanism
1,400
1,000
USD
15 Feb 15 Mar 15 Apr 15 May 15 Jun 15
04
Chapter 3: Understanding Crypto Through CMC
100%
Meme
DeFi
Collectibles & NFTs
Metaverse
50% Smart Contracts
Doggone Doggerel
Gaming
Web3
AI & Big Data
Play To Earn
0%
2023- 01 2023- 02 2023- 03 2023- 04 2023- 05 2023- 06
Memes is a notable sector that saw substantial increase in views in April and May, due to the speculative
https://coinmarketcap.com/view/memes/
https://coinmarketcap.com/view/memes/
https://coinmarketcap.com/view/memes/
https://coinmarketcap.com/view/memes/
https://coinmarketcap.com/view/memes/
https://coinmarketcap.com/view/memes/
DeFi is the second most viewed sector, showing sustained interest throughout the first half of 2023
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
https://coinmarketcap.com/view/defi/
Collectibles & NFTs saw considerable interest in the first three months, mainly due to the Blur Season 1
https://coinmarketcap.com/view/collectibles-nfts/
https://coinmarketcap.com/view/collectibles-nfts/
https://coinmarketcap.com/view/collectibles-nfts/
https://coinmarketcap.com/view/collectibles-nfts/
https://coinmarketcap.com/view/collectibles-nfts/
https://coinmarketcap.com/view/collectibles-nfts/
AI & Big Data is a new entrant to the most-viewed sectors in 2023; following the launch of OpenAI’s
https://coinmarketcap.com/view/ai-big-data/
https://coinmarketcap.com/view/ai-big-data/
https://coinmarketcap.com/view/ai-big-data/
ChatGPT, the AI narrative took off in Q1 2023. June saw a resurgence in interest in AI-related tokens
Render Token
40% Cardano
12.18%
FLOKI 11.68% Fantom Gala
21.79% FLOKI
12.81% 29.58%
39.58%
Fetch.ai
Dogecoin 11.43%
20% BNB
DeFiChain
14.19%
21.55%
15.55%
Baby Doge Coin
ApeCoin Avalanche Fetch.ai CryptoGPT
18.78%
Avalanche 8.28% 19.04% 13.90%
0% 12.53% 11.48%
Smart Contracts Metaverse Memes DeFi Collectibles & NFTs AI & Big Data
WEMIX Verasity The Graph Terra Classic STEPN SingularityNET Shiba Inu Render Token Pepe Gala FLOKI
Fetch.ai Fantom Ethereum Dogecoin DeFiChain CryptoGPT Cardano BNB Baby Doge Coin Avalanche ApeCoin
05
Memes sector generated the most interest, particularly for the last three months of H1 2023. This is
https://coinmarketcap.com/view/memes/
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largely led by PEPE, which saw an explosive rally of over 3700X from April to May. After retracing from
https://coinmarketcap.com/currencies/pepe/
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its highs in May, PEPE has rallied almost 100% from its lows in mid-June. Memecoins from previous
meme cycles, such as DOGE, SHIB and BabyDoge, remain in the most viewed of this sector
https://coinmarketcap.com/currencies/dogecoin/
https://coinmarketcap.com/currencies/shiba-inu/
https://coinmarketcap.com/currencies/shiba-inu/
https://coinmarketcap.com/currencies/baby-doge-coin/
https://coinmarketcap.com/currencies/dogecoin/ https://coinmarketcap.com/currencies/shiba-inu/ https://coinmarketcap.com/currencies/baby-doge-coin/
https://coinmarketcap.com/currencies/dogecoin/
https://coinmarketcap.com/currencies/dogecoin/
https://coinmarketcap.com/currencies/shiba-inu/
https://coinmarketcap.com/currencies/shiba-inu/
https://coinmarketcap.com/currencies/baby-doge-coin/
https://coinmarketcap.com/currencies/dogecoin/ https://coinmarketcap.com/currencies/shiba-inu/ https://coinmarketcap.com/currencies/baby-doge-coin/
https://coinmarketcap.com/currencies/dogecoin/
https://coinmarketcap.com/currencies/dogecoin/
https://coinmarketcap.com/currencies/shiba-inu/
https://coinmarketcap.com/currencies/shiba-inu/ https://coinmarketcap.com/currencies/baby-doge-coin/
https://coinmarketcap.com/currencies/dogecoin/ https://coinmarketcap.com/currencies/shiba-inu/ https://coinmarketcap.com/currencies/baby-doge-coin/
Smart Contracts interest remains mainly in Ethereum (ETH), after the network successfully underwent
https://coinmarketcap.com/currencies/ethereum/
https://coinmarketcap.com/currencies/ethereum/
https://coinmarketcap.com/currencies/ethereum/
https://coinmarketcap.com/currencies/ethereum/
the Shapella upgrade on April 12, allowing staked ETH on the beacon chain to be withdrawn. Cardano
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
(ADA) also received significant interest, likely due to technical developments like scaling solution Hydra
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
https://coinmarketcap.com/currencies/cardano/
burning 2.65 billion of LUNC tokens, worth $236K, and the release of Alliance, a cross-chain yield
trading protocol, by TFL
AI & Big Data saw a substantial return in interest in June, after the AI narrative in February and March.
https://coinmarketcap.com/currencies/singularitynet/
SingularityNET (AGIX) and Fetch.ai (FET) received the most views, after bouncing almost 40% from the
https://coinmarketcap.com/currencies/fetch/
https://coinmarketcap.com/currencies/singularitynet/ https://coinmarketcap.com/currencies/fetch/
https://coinmarketcap.com/currencies/singularitynet/ https://coinmarketcap.com/currencies/fetch/
https://coinmarketcap.com/currencies/singularitynet/ https://coinmarketcap.com/currencies/fetch/
lows in mid-June.
Bitcoin 1 410,426
BNB 4 250,786
XRP 6 240,233
Ethereum 2 217,808
Pepe 67 143,377
Polygon 13 140,037
Solana 10 134,692
Arbitrum 35 124,365
Dogecoin 8 117,658
PEPE joined the list of most added coins to watchlist by CMC users, alongside other established
memecoins Dogecoin and Shiba Inu
Besides the blue-chips, other coins are mainly Ethereum Layer-2 scaling solutions, like Polygon,
Arbitrum or competing Layer-1s, such as BNB and Solana
06
Most Engaged Communities
The sector with most engagement (account likes, posts, comments) on https://coinmarketcap.com/community/
CMC Community is memes,
https://coinmarketcap.com/community/
https://coinmarketcap.com/community/
coinciding with the most viewed sector. The speculative memecoin season in April and May saw coins
like PEPE, SNEK, LADYS experience explosive pumps.
Crypto Rank
Conflux 69 812.50%
Injective 65 513.55%
07
Top gainers for H1 2023 include Arbitrum ecosystem tokens like Pendle (PENDLE), which went live on https://coinmarketcap.com/currencies/pendle/
https://coinmarketcap.com/currencies/pendle/
https://coinmarketcap.com/currencies/pendle/
https://coinmarketcap.com/currencies/radiant-capital/
Binance Launchpool and expanded to BNB Chain, https://coinmarketcap.com/currencies/radiant-capital/
Radiant Capital (RDNT), which deployed on BNB
https://coinmarketcap.com/currencies/radiant-capital/
Chain too and will be expanding to Ethereum, and Optimism ecosystem tokens like Velodrome Finance
https://coinmarketcap.com/currencies/radiant-capital/
https://coinmarketcap.com/currencies/radiant-capital/
https://coinmarketcap.com/currencies/radiant-capital/
development enabling renewable energy,” which launched its Odyssey Testnet beta recently, Conflux
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
(CFX), which rallied as part of the Hong Kong narrative as the “only regulatory compliant, public, and
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
https://coinmarketcap.com/currencies/conflux-network/
permissionless blockchain in China,” and Injective (INJ), a L1 blockchain built specifically for finance,
https://coinmarketcap.com/currencies/injective/
https://coinmarketcap.com/currencies/injective/
https://coinmarketcap.com/currencies/injective/
https://coinmarketcap.com/currencies/injective/
which launched the first ever Solana SVM rollup for the IBC ecosystem.
Other top gainers include AI-related tokens like SingularityNET (AGIX) and Render (RNDR).
https://coinmarketcap.com/currencies/render-token/
https://coinmarketcap.com/currencies/singularitynet/ https://coinmarketcap.com/currencies/render-token/
https://coinmarketcap.com/currencies/render-token/
https://coinmarketcap.com/currencies/singularitynet/ https://coinmarketcap.com/currencies/render-token/
https://coinmarketcap.com/currencies/singularitynet/ https://coinmarketcap.com/currencies/render-token/
Bitcoin ETF
In June 2023, BlackRock, the world's largest asset manager, filed for a Bitcoin spot ETF, creating heightened
anticipation for the SEC's approval of a Bitcoin spot ETF in the U.S. Other industry pioneers like Valkyrie,
Fidelity, ARK Invest, and 21 Shares are also seeking approval for similar Bitcoin ETFs. If these ETFs get the
green light, they could unlock substantial institutional investor demand by offering regulated products for
asset allocation. Globally, the current crypto ETFs and ETPs already fetched c.$9.5billion of assets. Once the
U.S. market is unlocked with the new Bitcoin spot ETF approvals, a surge in demand for Bitcoin could push its
price significantly beyond its All-Time High level.
08
Decentralized Public Infrastructure Networks
Another trending narrative is Decentralized Physical Infrastructure (DePIN), which provides solutions for
access sharing of physical assets or services like warehousing and data networks. Builders and users are
incentivized with tokens, and access is facilitated through staking, burning, or buying tokens/NFTs.
Though still in its early stages of expansion, the DePIN landscape already includes several notable players,
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
https://coinmarketcap.com/alexandria/article/a-deep-dive-into-depin-decentralized-physical-infrastructure
including Helium (decentralized wireless infrastructure), IoTeX (Internet-of-Things hub), Arweave and Filecoin
https://coinmarketcap.com/currencies/iotex/
https://coinmarketcap.com/currencies/helium/ https://coinmarketcap.com/currencies/iotex/ https://coinmarketcap.com/currencies/arweave/ https://coinmarketcap.com/currencies/filecoin/
https://coinmarketcap.com/currencies/helium/ https://coinmarketcap.com/currencies/iotex/
https://coinmarketcap.com/currencies/iotex/ https://coinmarketcap.com/currencies/arweave/ https://coinmarketcap.com/currencies/filecoin/
https://coinmarketcap.com/currencies/helium/ https://coinmarketcap.com/currencies/iotex/ https://coinmarketcap.com/currencies/arweave/ https://coinmarketcap.com/currencies/filecoin/
https://coinmarketcap.com/currencies/helium/ https://coinmarketcap.com/currencies/iotex/
https://coinmarketcap.com/currencies/iotex/ https://coinmarketcap.com/currencies/arweave/ https://coinmarketcap.com/currencies/filecoin/
https://coinmarketcap.com/currencies/helium/ https://coinmarketcap.com/currencies/iotex/ https://coinmarketcap.com/currencies/filecoin/
https://coinmarketcap.com/currencies/helium/ https://coinmarketcap.com/currencies/iotex/ https://coinmarketcap.com/currencies/arweave/ https://coinmarketcap.com/currencies/filecoin/
(decentralized storage).
Today, there is an ecosystem of projects focused on making RWAs tradeable on-chain. These largely consist
of credit market protocols like Maple Finance and Goldfinch — which allow businesses to use DeFi to secure
financing and loans.
Other platforms are instead now beginning to focus on the tokenization of RWAs, including real estate,
collectibles, stock, intellectual property and more — which can then be traded on-chain with less friction.
We expect that H2 2023 and beyond will see further stratification of the RWA space, with the first
consumer-ready products likely to launch by year-end.
Liquid Staking Derivatives (LSDs) saw a dramatic surge in activity in H1 2023 largely due to the Ethereum
Shapella upgrade, with market leaders like Lido and Rocket Pool seeing their respective total value locked
(TVL) swell by 138% and 220% respectively in H1 2023.
By the end of June, LSD platforms had secured more than a third of Ethereum's Total Value Staked (TVS) —
with Lido capturing almost 75% of this at its peak.
09
Total Value Locked ETH LSDs
Source: defillama
H1 also saw the dramatic proliferation of the related LSDfi landscape, with platforms like Pendle, Lybra, and
Flashstake seeing their TVLs increase in this time. This propagation could continue through the remainder of
2023.
Restaking
Restaking emerged as a promising theme in H1 2023 after the introduction of EigenLayer — a middleware
platform that allows staked ETH or liquid staked ETH tokens to be reused on the consensus layer.
This allows users to earn an additional yield on their assets by restaking it elsewhere while providing a new
market for shared security — helping projects and services to bootstrap a new trust network and bolster their
security.
In June 2023, EigenLayer's Restaking Smart Contracts were deployed and reached their maximum limits
within a day of mainnet launch — demonstrating considerable demand for restaking services.
The platform is soon set to increase its LST restaking capacity, which will shine a spotlight on the restaking
space and potentially open the floodgates for a new wave of projects.
10
zkSync
In 2023, zkSync emerged as a popular Ethereum-based layer-2 solution and strong competition for existing
Ethereum optimistic rollups, including Optimism and Arbitrum.
As a zero-knowledge rollup (zkRollup) solution, zk-Sync uses zero knowledge technology to offload traffic
from Ethereum to an efficient second layer. This helps to not only increase Ethereum's throughput but also
enables an array of new applications.
In March 2023, zkSync aunched alpha mainnet — with zkSync Era becoming the first zkEVM to reach its
mainnet stage of development. Since it launched, the total value locked (TVL) on the platform has grown
considerably, reaching $686 million by the end of H1 2023, according to L2beat. It is just behind Arbitrum
($5.66B) and Optimism ($2.12B).
The platform boasts over 1.1 million unique wallets and has clocked in 1.38 million transactions and counting.
With a zkSync airdrop potentially on the way and a slew of projects set to launch on the platform, zkSync is
https://coinmarketcap.com/currencies/zksync/
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https://coinmarketcap.com/currencies/zksync/
Most layer-1 blockchains are currently monolithic chains — execution, data availability, security and consensus
are on a single chain. This leads to a slew of constraints surrounding efficiency, stemming from the blockchain
trilemma of decentralization, security and scalability.
11
Modular blockchains, like Celestia, aim to tackle this challenge by separating blockchains into three layers:
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
https://coinmarketcap.com/alexandria/article/what-is-celestia
execution, settlement, consensus and data availability. It provides developers with modular data availability
and consensus layers which can be leveraged by dApps and sidechains to bootstrap development.
Meanwhile, other platforms have emerged to provide modular execution environments and settlement layers
— including Rollkit (settlement) and Fuel (execution).
Together, these platforms and more could help to improve on existing monolithic blockchains — including
Ethereum and Solana.
Following its collapse last year, FTX depositors were left in limbo for months as it was unclear how much of
the almost $9 billion shortfall could be recouped in the liquidation process.
In January, it was revealed that more than $5 billion in liquid assets had been shored up from various sources,
with this figure increasing to over $7.3 billion by April 2023 — providing some much-needed relief to FTX
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/
customers.
With the process now moving in the right direction, creditors were recently contacted by the restructuring
firm handling the case and were given a "Customer Bar Date" of September 29, 2023.
Moreover, the FTX legal team is currently considering restarting the cryptocurrency exchange. Though it
remains unclear whether this would entail using the debtor assets or soliciting new funds from elsewhere.
Despite the recent progress, debtors still cannot expect to receive their payout until at least H2 2024.
12
Chapter 5: Crypto Users Around the World
Bitcoin
Ethereum Polygon Shiba Inu Baby Doge Coin Bitcoin
Baby Doge Coin
South America 10.64% 10.90% 16.83% 21.71% 39.92% Shiba Inu
Polygon
Ethereum
Pepe
XRP Pepe Ethereum Shiba Inu Bitcoin
Oceani 13.86% 16.03% 13.55% 10.32% 46.24%
XRP
Pi
Wiki Cat
Arbitrum
XRP Pepe Ethereum Shiba Inu Bitcoin
North America 12.45% 16.72% 13.16% 16.82% 40.86%
Baby Doge
Pi Pepe Shiba Inu Bitcoin
Asia 12.54% 14.52% 16.95%
Coin
42.58%
13.41%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
In H1 2023, regional differences in interest in various cryptocurrency niches and sectors were not significant.
Bitcoin (BTC) remains the most-viewed cryptocurrency across all regions in H1 2023, a similar trend from Q4
2022. This is also reflected in Bitcoin’s dominance (BTC.D) over altcoins, BTC.D increased from 40.09% at the
start of the year to 50.39% at the end of H1 2023, a 25% increase. This could be attributed to events like Black-
Rock’s iShares spot Bitcoin ETF application and the upcoming Bitcoin halving around March 2024.
Shiba Inu (SHIB) remains a popular memecoin across all regions, alongside Baby Doge Coin (BabyDoge) in
South America, Asia and Africa. A new entrant in the most viewed coins per region, the explosive surge of
PEPE has caught the attention of crypto traders and speculators across all regions except South America.
Meanwhile, Ethereum (ETH) remains a popular coin of interest in most regions except Asia and Africa, while
Ethereum scaling solutions like Polygon (MATIC) and Arbitrum (ARB) gained attention in South America and
Others region respectively.
13
Top Countries by Users on CMC
0.15
0.10
17.36%
0.050
7.90% 7.40% 6.98% 6.75%
Germany
France
Netherlands
Ukraine
United States of America
India
Brazil
Vietnam
(United Kingdom)
Great Britain
Russian Federation
Indonesia
Canada
South Korea
Spain
Japan
Nigeria
Australia
Iran
Poland
The US continues to dominate in terms of the distribution of cryptocurrency users worldwide. 17.4% of traffic
in H1 2023 came from users in the United States, with 7.90%, 7.40%, 6.98%, 6.75%, and 6% of users in India,
Turkey, Germany, Brazil, and Vietnam, respectively.
The vast majority of the remaining traffic is mainly among users in Europe and Asia.
14
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