The year 2023 witnessed substantial evolution and growth in the blockchain industry and cryptocurrency asset class. This report analyzes key developments in the market, infrastructure, platforms, and applications that drove adoption. It also highlights the notable recovery in cryptocurrency prices and the factors influencing it.
Following the immediate aftermath of the crypto market ’s year-long deleveraging, 2023 ushered in substantial evolution and growth across various corners of the blockchain industry and cryptocurrency asset class.
The report provides an in-depth analysis of key developments shaping the year, focusing specifically on (1) general market and price activity, (2) the role played by infrastructure providers, institutions and regulators, (3) evolution across the blockchain platforms underpinning the on-chain economy, and (4) the applications that drove adoption. Market Performance & Activity: The year 2023 was marked by a notable recovery in cryptocurrency prices, with total market capitalization doubling. This resurgence was influenced by macroeconomic factors and a low price floor set by the FTX bankruptcy, which marked the end of a broader market deleveraging that spanned most of 2022. Conversely, except for the tail end of Q4, venues across which investors allocate to the sector saw less activity than recent year
Crypto Market Blockchain Industry Cryptocurrency Evolution Growth Market Capitalization Infrastructure Platforms Applications Recovery Prices Factors