TokenInsight – Crypto Exchange, 2023

In 2023, the crypto industry experienced a bear market but slowly began to recover with positive developments like the Ethereum Shapella upgrade and BlackRock's submission of the Bitcoin spot ETF application. As a crypto rating and research company, TokenInsight tracked the data performance of the exchange industry and selected the top 10 centralized and decentralized exchanges to understand the changes and competition in the market. The top 10 exchanges selected by TokenInsight reflect about 95% or more of the market share, providing an overview of the overall market situation. In early 2023, the crypto market started rebounding, with BTC's price gradually rising. The trading volume increased from $500 billion to around $1.5 trillion within a month, with a peak daily trading volume of around $2.5 trillion on March 14th. BTC's price also experienced a significant surge, jumping from $20,000 to above $26,000 within 24 hours. During Q2 and Q3, the market stabilized with slight declines, but positive news about Ethereum's upgrade, successful mining of Ordinals, and BlackRock's Bitcoin ETF application sparked investor enthusiasm. This briefly pushed BTC's price above $30,000 in late June, with the peak daily trading volume reaching $208.6 billion on July 14th. However, the excitement faded, and the price and daily trading volume of BTC decreased in August and September. In October, traders expressed confidence in the approval of the Bitcoin spot ETF application, leading to increased market trading activity. Q4 witnessed a substantial increase in trading volume and BTC's price, with the peak daily trading volume surpassing $230 billion on November 10th after news of BlackRock's Ethereum spot ETF application. This positive sentiment fueled BTC's price to break through $40,000 on December 4th, reaching its highest point in 19 months.