CoinMarketCap’s report revealed the challenging yet exciting dynamics of the global crypto market. The VR/AR and AI & Big Data industries have witnessed astonishing growth. The meme-coin craze has been centered around an altcoin that has grown in value more than 3700x.
Artificial Intelligence and Bit Data came to the fore in the industry
According to the latest research from CoinMarketCap, the first half of 2023 has been both challenging and exciting for the global crypto market. Its market capitalization, which was $1.17 trillion at the end of the second quarter, increased 48% year-to-date. The report shows that the first and second quarters ended with similar overall market values. This causes the second quarter to be described as a “lost quarter”.
However, some sectors have witnessed remarkable growth. Thus, these sectors came to the fore. According to the report, these included the Virtual Reality/Augmented Reality (VR/AR) sector, whose market value has risen by a staggering 704%. Artificial Intelligence and Big Data also emerged as a newcomer to the top-watched industries with a stunning 323% increase in market capitalization in the first quarter of 2023 following the launch of OpenAI’s ChatGPT. The report notes a resurgence of interest in AI-related tokens such as SingularityNET (AGIX) and Fetch.ai (FET) in June. It also reveals that it has jumped around 40% from its mid-June lows.
Meme coin craze and altcoin with 3,700 times increase
Similarly, he witnessed a speculative frenzy surrounding meme-coins. Over 260 new coins have entered the market, led by the iconic PEPE token. Thus, entries intensified in the first half. In particular, PEPE reached more than 3700 times its value in the first half of 2023. However, PEPE has experienced a pullback from its May peak. However, CoinMarketCap reveals that the coin has risen almost 100% from its mid-June low.
Other famous meme-coins of previous cycles such as DOGE, SHIB, and BabyDoge were among the most watched in this industry. Also, the popularity of the meme industry has translated into user engagement in CoinMarketCap’s community. Meme-coins garnered the most engagement on likes, posts, and comments.
Source: CoinMarketCapInterest in these altcoin projects has increased
Meanwhile, cryptocoin.com As you follow, Smart Contracts remained heavily linked to Ethereum (ETH), especially after the successful Shapella upgrade that allowed staked ETH to be withdrawn from the Beacon Chain. CoinMarketCap also reveals that Liquid Stake Derivatives (LSDs) have seen a notable increase in their activity due to the impact of Ethereum’s Shapella upgrade. In this direction, he emphasizes that market leaders such as Lido and Rocket Pool have experienced significant growth.
Cardano (ADA) has also received a lot of attention for its technical advances, such as its scaling solution Hydra and its governance proposal CIP-1694. Bitcoin continued to be the most watched crypto in different regions. It also dominated the market with its growing dominance over altcoins. Shiba Inu and Baby Doge Coin caught the attention of various regions. At the same time, scaling solutions such as Ethereum, Polygon and Arbitrum attracted attention. These cryptocurrencies remain a popular altcoin in most regions except Asia and Africa.
