There were several key shifts in positions amongst the top 30 cryptos during the final quarter for 2023, amid the quarter recording high transactional activity compared to the previous quarter.
“As for trading volume, it climbed throughout the year, with 2023 Q4 average daily trading volume at $75.1 billion, a +91.9% QoQ increase,” the report states.
Overall Crypto Trading Volume Sees Decline
A recent report by CoinGecko reveals that the total trading volume for 2023 fell to approximately 70% of the previous year’s level.
“Overall daily trading volume stood at $58.9 billion, which is still -31.6% below 2022 figures.”
Crypto Spot Market Overview. Source: CoinGecko
Meanwhile, several well-known cryptocurrencies jumped and moved down positions on the top crypto list by market capitalization.
Solana (SOL) jumped from 7th position to 5th position on the top cryptocurrencies by market capitalization.
Additionally, the report notes that Solana saw a 917.3% jump in price in 2023, from $10 to $101.30.
On Jan. 15, BeInCrypto reported that Solana could see further potential gains in the near future, with the apparent beginnings of altcoin season. This is where the market sees significant capital rotation from Bitcoin (BTC) to altcoins
Which Cryptocurrencies Dropped Below the Top 30 Rankings?
In 2023, four cryptocurrencies, Hedera (HBAR), Binance USD (BUSD), Monero (XMR), and True USD (TUSD), dropped out of the top 30 cryptos by market capitalization.
During November 2023, BeInCrypto identified Hedera as an altcoin to watch among the four others. At the time of publication, Hedera’s price is $0.07.
HBAR Price Chart 1 Month. Source: BeInCrypto
Meanwhile, it was only recently that BeInCrypto reported that TrueUSD, a stablecoin, depegged below $0.97.
Furthermore, it was reported that outflows from TrueUSD during the 24-hour period on Jan.18 came to around $141 million. The outflow of funds caused a depeg despite a recent report attesting to TrueUSD reserves.
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