The world’s largest crypto exchange Binance has published its review of 2023 and gives an outlook on possible trends in 2024.
If you want to find more details about the Binance Market Report and to be the first to find out the most important business news of the day, download for free our companion app Born2Invest.
The Binance analysis is a must for investors who think in the medium and long term
Even though Binance ‘s crypto year 2023 was not an easy one due to a forced change in leadership and billions in fines – the crypto exchange maintained its position as the global market leader. Binance’s analysis department is an important source of reliable information for the crypto scene because it conducts its own research and knows how to classify data. We therefore recommend reading the Binance Market Report 2023, which also looks ahead to 2024
Here are the key points for you:
– Led by Bitcoin (BTC), the overall crypto market saw a 109 percent increase in capitalization in 2023; in absolute numbers it rose from around 800 billion to a good 1.6 trillion US dollars. Our Bitcoin annual review 2023 shows that BTC beat the overall market in performance.
– Bitcoin confirmed its position as the key crypto currency in 2023 and, from the perspective of Binance analysts, nothing is likely to change in 2024. The approval of Bitcoin ETFs in the USA last week underlines the special position of BTC as well as the huge interest in the new NFT standard for Bitcoin.
– The NFT markets reported back with strong growth at the end of 2023 , and Bitcoin NFTs are an important factor here too.
– According to Binance Research, the decentralized finance (DeFi) division achieved an increase of almost 40 percent in invested capital in 2023. The focus here is Ethereum (ETH), the number two cryptocurrency. Layer-2 and, more recently, Layer-3 solutions are becoming established to keep fees for DeFi with ETH low and to create capacity.
– 2024 could be a crypto year for blockchain gaming and decentralized social media, says Binance. Almost 13 million wallets are currently active in blockchain gaming at least once a week and several major game studios have announced that they will publish potential blockbuster titles this year. Projects like Friends have demonstrated that the social network sector is also in demand in the crypto scene.
– Also in focus for 2024: Linking artificial intelligence with the crypto industry, innovative security solutions and so-called real-world assets (RWA). RWAs can represent stocks, raw materials or other financial instruments as tokens and thus bring their trading into the crypto world.
Conclusion: Binance sees a mature crypto industry ready for 2024
The more than 100-page long Binance analysis of trends and data from the crypto year 2023 is pleasantly neutral and avoids market shouting. For Binance it is clear: Bitcoin is and remains the driving force for the crypto industry.
Therefore, the Bitcoin halving expected in April will be observed as well as the developments in Bitcoin NFTs and ETFs. Technologically, ZK solutions and Layer-2 are door openers to make sectors such as blockchain gaming more attractive. If you want to support your investments in Bitcoin and Co. with medium and long-term strategies, you should take the time to study the detailed Binance Report in detail.
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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
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