According to CoinGecko, Bitcoin showed strong performance in the second quarter of 2023, with its market dominance strengthened compared to counterfeit coins that suffered losses during this period.This Cryptocurrency data aggregator released its second quarter industry report on July 18, which showed that Bitcoin (BTC) and Ethercoin (ETH) continued to increase in the previous quarter
According to CoinGecko, Bitcoin showed strong performance in the second quarter of 2023, with its market dominance strengthened compared to counterfeit coins that suffered losses during this period.
This Cryptocurrency data aggregator released its second quarter industry report on July 18, which showed that Bitcoin (BTC) and Ethercoin (ETH) continued to increase in the previous quarter.
Although Bitcoin and Ethercoin have made progress, other Cryptocurrency have suffered double-digit losses.
BNB, XRP, and ADA have been hit the hardest. BNB and ADA were particularly affected because they were classified as securities in the lawsuit filed by the U.S. Securities and Exchange Commission against Coinbase and Coinbase.
The field of decentralized finance (DeFi) has also been hit, with tokens such as Uniswap (UNI), Chainlink (LINK), and Lido (LDO) suffering significant losses.
Metaverse and play to ear tokens, including AxieInfinity (AXS), Sandbox (SAND), and Decentraland (MANA), also face losses of up to 40%.
At the end of June, Bitcoin's dominant position reached a two-year high of over 52%, but later fell below 50% due to Ripple's partial court victory driving the rise of counterfeit coins.
However, most of the counterfeit coins that rose after the XRP rose lost their gains, bringing the market back to its pre dominant state.
CoinGecko's report emphasizes that the total market value remained relatively stable throughout the quarter, at $1.2 trillion at the beginning and end.
At the beginning of the third quarter, the market value remained unchanged at $1.2 trillion.
Bitcoin became the winner during this period, outperforming the rest of the market with a nearly 7% increase.
However, the daily average trading volume of BTC decreased by 58.7% compared to the previous quarter.
Despite the decline, the report points out that Bitcoin's performance in the second quarter still outperformed most major asset classes, only lagging behind the Nasdaq Index and the S&P 500 Index.
Due to the fact that most counterfeit coins (excluding XRP) are currently experiencing a decline, the prospects for the early 'counterfeit coin season' are weakening. Bitcoin continues to maintain its position as the market leading Cryptocurrency.
(Personal opinion, does not constitute investment advice)
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