- CoinMarketCap released an analysis of the crypto sector at the end of the first half of 2023.
- The second quarter of 2023 is addressed as a lost quarter with no major developments.
- The report shed light on the diverse sectors of the market, placing meme as the most popular sector.
A recent report addressed the second quarter of 2023 as a “lost quarter” in the crypto world, asserting that the strong market narratives Q1 experienced were absent in Q2. The leading crypto data authority CoinMarketCap recently released a crypto market analysis, providing a deeper understanding of the crypto sector.
As per the data, though Q2 resembled Q1 in terms of market cap, Q2 had been comparatively inactive, failing to create any groundbreaking developments like BTC price doubling, effective NFT market, the launch of Layer 2 networks, etc. Though the second quarter could be hailed as a “memecoin season”, the impact created was comparatively less.
The data aggregator also shared insights into the growing sectors amid the falling crypto market. Notably, the AR/VR sector has shown the highest surge, with an impressive market cap growth of 704% in the year’s first half. Following the lead, AI and Big Data Sector presented a 323% increase in its market cap, positioning itself as a forerunner in the top ten sectors. The other leading sectors include Lending & Borrowing (149%), Storage (86%), Derivatives (75%), and Interoperability (58%).
Presenting the most popular sectors, the platform asserted that the memecoin season, led by the frog-themed PEPE, has made Memes a notable sector. The Memes also secured the highest position on the list of the sectors engaged most in the CMC community, with the memecoins like PEPE, SNEK, and LADYS experiencing impressive pumps.
The second most viewed sector is decentralized finance (DeFi) which gained much acceptance among the public during the second quarter of the year. Collectibles and NFTs as well as AI and Bid Data also saw significant popularity in the quarter, resulting from the Blur Season1 Airdrop and the launch of OpenAI’s ChatGPT.
At the end of the first half of 2023, CoinMarketCap also pictured the top gainers of the market. The first 10 gainers in the market include Pendle, Dione Protocol, Conflux, Radiant Capital Dust Protocol, Injective, SingularityNET, Render Token, Kaspa, and Velodorme Finance.
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