The crypto market in 2023 is breaking out afresh! With the previous year closing with tumultuous lows rather than highs, the new year is ushered in on an upbeat note. The crypto market is making the most out of this year, showcasing massive growth, unveiling airdrops, new projects, token sales, and increasing investment activity in Web3.
With the rapid growth in the first quarter of 2023 that is likened to the pace of the pre-FTX-crash era, CryptoRank believes that the tough days of 2022’s market are in the past. That being said, Q1 2023 did not pass without problems: the most worrying one came from outside DeFi, the commotion in Traditional Finance (TradFi).
The banking crisis posed a great threat to the crypto markets. As crypto is still mostly an investment instrument, the global financial market’s fight with inflation that could lead to a recession will hurt crypto. The threat could be deflected, but these conditions tend to create a hostile market for crypto in a way. However, from another perspective, the challenges of TradFi can also stimulate the adoption of crypto and trust in crypto.
In this 2023 Q1 recap, we will go through the following:
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