- CoinMarketCap’s report showcased the challenging yet exciting dynamics of the global crypto market.
- VR/AR and AI & Big Data sectors witnessed astounding growth.
- Memecoin’s frenzy was led by PEPE, reporting over a 3700X surge in value.
According to the most recent research by CoinMarketCap, the first half of 2023 (H1) proved to be both challenging and exciting for the global crypto market, with the market cap holding $1.17 trillion at the end of Q2, indicating a 48% year-to-date increase.
The report noted that the first quarter and the second quarter ended with similar total market caps, leading to the labeling of Q2 as a “lost quarter.” However, some sectors have witnessed remarkable growth, propelling them into the spotlight.
Among them was the Virtual Reality/Augmented Reality (VR/AR) sector, which experienced an astonishing surge, with its market cap skyrocketing by a staggering 704%, according to the report.
AI & Big Data also emerged as a newcomer to the most-viewed sectors, with a striking surge of 323% in market cap in Q1 2023, following the launch of OpenAI’s ChatGPT. The report noted that June saw a resurgence in interest in AI-related tokens like SingularityNET (AGIX) and Fetch.ai (FET), bouncing nearly 40% from their mid-June lows.
Similarly, the speculative frenzy surrounding meme coins intensified in H1, with over 260 added new coins, led by the iconic PEPE token. Specifically, PEPE reported more than 3700 times its value during the first half of 2023. Although PEPE experienced a retracement from its peak in May, CoinMarketCap revealed the token rallied nearly 100% from its mid-June lows.
Other renowned meme coins from previous cycles, including DOGE, SHIB, and BabyDoge, were among the most viewed in this sector. Furthermore, the meme sector’s popularity translated into user engagement on CoinMarketCap’s community, with memes garnering the most engagement in likes, posts, and comments.
Meanwhile, Smart Contracts remained predominantly linked to Ethereum (ETH), particularly after the successful Shapella upgrade, allowing staked ETH to be withdrawn from the beacon chain.
CoinMarketCap also highlighted that Liquid Staking Derivatives (LSDs) saw a remarkable surge in activity, fueled by Ethereum’s Shapella upgrade, with market leaders like Lido and Rocket Pool experiencing substantial growth.
Cardano (ADA) also gained significant interest due to its technical advancements like the scaling solution Hydra and the governance proposal CIP 1694.
It is worth mentioning that Bitcoin remains the most-viewed crypto across different regions, dominating the market with its increasing dominance over altcoins. Shiba Inu and Baby Doge Coin have captured the attention of various regions. At the same time, Ethereum remains a popular coin of interest in most regions except Asia and Africa, where scaling solutions like Polygon and Arbitrum have gained traction.
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