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CoinGecko 2022 Q1 Digital Currency Industry Report: Market Review

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When the total market value of digital currencies is generally stable, what areas deserve attention?

Original title: "2022Q1 Digital Currency Industry Quarterly Report"

Original source: CoinGecko

Original compilation: Wayne, one-sided Crypto

Today I will share a Chinese version of CoinGecko’s Q1 quarterly report, the report It's relatively long, so here are some essential parts for those who don't want to read the full text to get a general understanding. Friends who want to know the full text can go to the TokenInsight official website later, or download the app to download the full text app for free.

The translation and publication of this report is authorized by CoinGecko, and we are also the only authorization of CoinGecko in Chinese.

Market Overview

·The total market size went around and returned to the beginning of the year, and the market value remained at 1.9 trillion US dollars

·FTM OKB UNI fell out of the top 30, FTT ETC WAVES squeezed in, and the Q1 trading volume in the market did not fluctuate.

· The average decline of the top five currencies was 9%, only BTC and XRP finally returned to the water, and the others Under the water, SOL fell the most

· LUNA reached a new high, 121% in 21Q4, and another 24% in 22Q1

· Move-to-Earn becomes popular

·Stablecoin Q1 increased by 23 billion US dollars, the market structure has not changed, but UST growth rate is the first, UST is second

· The correlation between Bitcoin and the S&P 500 increased, only 0.3 in 21Q4, and increased to 0.7 in the first quarter

·一Quarterly events

Bitcoin analysis

· The price of Bitcoin rose by 1.6% in the first quarter, jumping back and forth between $36,000 and $45,000

· The quarter hit a record high in March, reaching 248m TH/s

Compared with major commodities, Bitcoin did not perform well, and crude oil performed the best in the first quarter< /p>

·Bitcoin did not outperform gold in the first quarter, the impact of the conflict between Russia and Ukraine was the main reason

·Bitcoin’s market value has surpassed Facebook (Meta) and currently accounts for 7% of gold

·GBTC has been trading at a discount, averaging 20% , the minimum discount is 30%, compared with BITO basically no discount

< /p>

Analysis of Ethereum

· The price continued to decline, falling by 11% in the first quarter; the testnet Klin merged successfully, preparing for The Merge

· Staking enthusiasm is high, ETH’s pledge volume increased by 25% in the first quarter, and nearly 10% of Ethereum is currently being pledged. Kraken and Lido are the two leading service providers

After the merger, the daily output of ETH will be reduced from 12,000 to 1,280, a reduction of 90%, which is even more exaggerated than halving (50%)

(Wayne nonsense: Bitcoin halved and increased six times, from more than 10,000 to more than 60,000, and Ethereum should be 10.8 times according to the ratio. Don’t be too greedy, count ten times, that is 30,000 one Ethereum)

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The rise of UST

·UST’s market value increased by 61% in the first quarter of this year, and it continues to be the number one decentralized Stablecoin. In contrast, DAI only increased by 3% in the first quarter

· FRAX, a stable currency with similar algorithms, has also risen by 49%, and the Terra ecology has also benefited.

· The Luna Foundation began to purchase Bitcoin, as of I held more than 30,000 pieces in the first quarter, and I will continue to buy them in the future. The core is to protect the price stability of UST under extreme market conditions

DeFi

· The total market capitalization of DeFi decreased by 5.4% in the first quarter, compared with an increase of 29% in the fourth quarter of last year

· Most of DeFi All tracks fell, only cross-chain bridges and derivatives grew, and OHM and imitation disks fell the most.

Ethereum’s DeFi ecological market share continued to decline. %, only 57% at the end of March. At the same time, this is also the performance of the multi-chain DeFi ecological development. Terra ranked second, BSC third, Avax fourth, and Solana fell the most

Cross-chain bridge

·The development of cross-chain bridges and the reduction of Ethereum DeFi TVL echo each other

· Cross-chain The bridge has developed from a point-to-point connection from one ecology to another ecology to the current multi-ecology to multi-ecology connection

· TVL of the Ethereum cross-chain bridge The current scale is 21.6 billion US dollars, growing rapidly; rapid growth is accompanied by security incidents: Ronin was stolen 600 million US dollars, Wormhole was stolen 325 million US dollars, Meter was stolen 4.3 million US dollars, and Multichain was stolen 1.9 million US dollars

· The working principle of the cross-chain bridge is currently divided into three categories, please refer to the figure for details

NFT

· NFT transaction volume increased by 17.9% in the first quarter of this year, the highest in January, and decreased in February and March; Ethereum is still dominant, with a market share of 85%, Avax has the largest increase of 61 times, and Ronin has decreased by up to 94.2% due to theft

· OpenSea is still dominant, and was eaten up by the LooksRare vampire attack in the middle, but the rewards were reduced later, and the transaction volume returned to OpenSea

· NFT trend:

1) Traditional industries have increased their recognition of NFT;

2) BAYC issuing coins, making its own ecology will become the target of many imitators;

3) Game types NFTs prefer to have their own trading market

Trading platform

· Spot trading volume decreased by 37.8%, Binance’s share was 46.5%, Huobi’s share was even less, only 4.3%

·DEX trading volume dropped by 8.5%, UNI was still the first with a share of 54%, Pancake, Sushi, Trader Jeo all dropped sharply, and Serum rose sharply

· In terms of perpetual contract derivatives, the trading volume is dead, 1.2 trillion US dollars per month. In terms of market share, OKX is growing secretly, and Binance is down 7% compared with last December 32.4%, Bybit and FTX dropped

Complete report download address: https://tokeninsight.com/zh/report/2929

Of course, you can also download the TokenInsight App to view on your mobile phone, and you can also read it for free, or download the PDF directly on your mobile phone.