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