Crypto markets have been on the rise during the first half of 2023, with Bitcoin crossing the $31,000 mark on Tuesday. This rally was spurred by a few prospective Bitcoin ETF issuers re-filing their applications. “Enthusiasm for Bitcoin is growing, propelled by efforts to revive spot Bitcoin ETF applications,” said Rachel Lin, CEO and co-founder of SynFutures. “Its commanding presence in the crypto market is increasingly evident, making up nearly half of the industry’s $1.2 trillion market cap, the most dominant it’s been in over two years.”
Data from Messari shows that 2023 has fared much better than 2022, with crypto majors – tokens with a market cap of over $1 billion – up an average of 34%. Bitcoin is up 84.6% compared to a falloff of nearly 60% for the first half of 2022, and Bitcoin Cash (BCH) has performed the best, up a whopping 203%.
Meanwhile, prices of NFTs seem to be becoming disconnected from the price of Ether as trading volume plummets. The Bored Ape Yacht Club’s NFT collection hit a new low since October 2021, reflecting a broader slump in the NFT market.