The Major Shifts in the Top 30 Cryptos in Q4 2023: CoinGecko
In a recent report by CoinGecko, it was revealed that there were significant shifts in the positions of the top 30 cryptocurrencies during the final quarter of 2023. This quarter saw a surge in transactional activity compared to the previous quarter.
The report highlights that the trading volume throughout the year experienced an upward trend, with the average daily trading volume in Q4 2023 reaching $75.1 billion, representing a 91.9% increase quarter-over-quarter (QoQ).
However, despite this increase in trading volume, the total trading volume for 2023 was 70% lower than the previous year. The overall daily trading volume stood at $58.9 billion, which was 31.6% lower than the figures recorded in 2022.
During this period, several well-known cryptocurrencies experienced fluctuations in their rankings by market capitalization. Notably, Solana (SOL) jumped from the 7th position to the 5th position on the top cryptocurrency list. The report also highlights that Solana witnessed an impressive 917.3% price surge in 2023, reaching $101.30 from its initial value of $10.
It’s worth noting that BeInCrypto reported on Jan. 15 that Solana could potentially see further gains due to the beginning of the altcoin season, which involves significant capital rotation from Bitcoin (BTC) to altcoins.
On the other hand, four cryptocurrencies, namely Hedera (HBAR), Binance USD (BUSD), Monero (XMR), and True USD (TUSD), dropped out of the top 30 rankings by market capitalization in 2023. BeInCrypto previously identified Hedera as an altcoin to watch among these four.
The report also mentioned TrueUSD’s depegging below $0.97, which occurred recently. Over a 24-hour period on Jan. 18, approximately $141 million was withdrawn from TrueUSD, leading to a depeg despite reports of sufficient reserves.
It is important to note that the information provided in this article is based on CoinGecko’s report. Readers are advised to verify the facts independently and seek professional advice before making any investment decisions based on this content.