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Semi-Annual Market Analysis: Crypto Triumphs, Losses, and the 800% Surge

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By Dewey Olson - - 5 Mins Read
Crypto exchanges in India have blocked functionality for payments made via UPI |
Crypto exchanges in India have blocked functionality for payments made via UPI

As the crypto market continues to anxiously await the SEC's response to ETF requests, the industry finds itself immersed in anticipation. While the official verdict remains elusive, the accumulation of requests from prominent financial institutions at the SEC offices intensifies the buzz within the crypto realm. This week, the esteemed Fidelity, managing over $4 trillion, joins the ranks of applicants, with even Cathy Wood updating her ETF request for the spot price of Bitcoin.

Amidst this climate of anticipation, crypto trading experiences a temporary calm. Traders assume a standby position, eagerly awaiting the fateful decision. Consequently, light or steady sell-offs ripple through most major currencies over the past week. Seizing the opportunity presented by this momentary lull before the impending drama, we delve into a comprehensive review of the remarkable first half of the year in the crypto market, coinciding with the conclusion of the initial six months of 2023.

Taking center stage among major currencies, Bitcoin emerges triumphant, boasting an impressive 83% surge since the year's inception. The renowned digital asset now commands slightly over 50% of the total crypto market value. On the flip side, Binance Coin and Dogecoin suffer setbacks, with losses of 4.5% and 10% respectively. Solana defies the odds, recording a half-year jump of 76% despite encountering relative weakness since April. Ether exhibits steady growth, with a commendable 54% increase, securing close to 19% of the crypto market's value. Ripple also emerges on the positive side of the spectrum, registering a notable 40% upswing. Cardano experiences modest growth with a 10% rise, while Tron, capturing the tenth spot in terms of market value (including stablecoins), stabilizes with a 35% increase since the year's commencement. Polygon, however, witnesses a decline, slipping to the 13th position with an 18% decrease since the beginning of the year, after previously residing within the top 10.

Descending further down the chart while remaining within the top 100, we encounter unexpected fluctuations. The NFT token apecoin plummets by 42%, Algorand endures a 32% decrease, and Toncoin, with a market cap of $4.6 billion, suffers the most significant decline since the year's onset, plummeting by 41%. Despite its diminished ranking, the coin still holds the 17th position among the largest coins.

On the brighter side, several smaller coins within the top 100 dazzle with triple-digit surges. Here are the top three performers:

Render Token: Functioning within the Ethereum network, Render Token serves as a currency connecting artists seeking computing power with providers capable of fulfilling their requirements. Artists utilize the token to compensate computing power contributors. Established in 2017, this token was initially offered at $0.25 per unit. Presently, each token commands a value of $2, marking an astounding 400% surge since the year's commencement, with previous peaks reaching $2.74. Technological enhancements and growing recognition of its effectiveness contribute to its current ranking as the 51st largest coin, boasting a market capitalization of $735 million.

Injective (INJ): Catering to financial activities through DeFi applications, Injective operates as an independent blockchain network (Layer 1), offering the infrastructure necessary for the development of leveraged trading loan protocols and smart contracts. With over 100 active projects and a user base exceeding 150,000, this project commenced in 2020.

Since the year began, Injective's native token has experienced a staggering surge of 514%, propelling it to the 62nd position among the largest coins. Its market capitalization stands at $624 million. The primary surge occurred during the months of March to May, coinciding with a hackathon that attracted numerous developers to the project. Furthermore, the token's liquidity feature, allowing users to liquefy tokens before the end of the staking period, has enhanced network efficiency. The currency reached a price of $9.7 during the year, soaring from less than $2 at the year's inception. After undergoing fluctuations and settling below $6 per coin, it currently trades at $7.8.

Cryptocurrency is offered as a salary by companies trying to draw young talents

Conflux: Embodied with a distinct Chinese essence, Conflux emerges as another currency exhibiting an astronomical surge since the year's commencement. Functioning as an independent blockchain network (Layer 1), Conflux facilitates distributed applications (dApps), e-commerce, and web infrastructure. Developers claim it enables fast, efficient, and cost-effective transfer of digital assets while functioning as a "bridge" connecting various networks such as Ethereum and the Binance network. Designed to address prevalent industry challenges, this platform originated from research conducted at Shanghai Jiao Tong University, captivating an expanding pool of app developers.

Conflux's price surge primarily stems from two significant announcements made at the year's inception. Firstly, the platform announced a collaboration with the Chinese equivalent of Instagram, propelling the coin's value by over 60% on January 26. This agreement allows the social network's 200 million users to display NFTs on their profiles using Conflux. Less than a month later, the company disclosed plans to collaborate with China Telecom in the development of blockchain-based SIM cards, further igniting the currency's rally. The surge has been intermittent but sustained, catapulting the coin's market value to $594 million and securing the 67th spot among major currencies. However, it remains far from its annual record price, having realized over 50% depreciation. Commencing the year at slightly over two cents per coin, the currency reached a peak of 46 cents per coin before settling around 20 cents.

The crypto market's journey during the first half of 2023 unfolds with awe-inspiring triumphs, unexpected downturns, and breathtaking surges. As the industry eagerly awaits the SEC's decision on ETF requests, the second half of the year promises to be equally captivating, with potential game-changing developments on the horizon. Stay tuned as the crypto landscape continues to shape the future of digital finance.