Binance Research has recently released their Q1 State of Crypto report, titled “Market Pulse,” which sheds light on the state of the cryptocurrency market. The report includes a compilation of key charts and insights, revealing that Q1 was a strong quarter for crypto, despite an uncertain macro environment.
According to the report, the total crypto market capitalization increased by 49.4% quarter-over-quarter (QoQ), with Bitcoin having a great quarter from a price perspective, and attention also being on Ethereum ahead of the Shanghai Upgrade. Blockchain activity also bounced back well in Q1, with layer 1s experiencing growth.
DeFi marked a recovery period, with TVL (total value locked) increasing 27.1% QoQ, ending the quarter at US$49.7 billion. Non-fungible tokens (NFTs) saw an increase in sales of 67% QoQ in Q1, largely driven by increased activity on Blur. However, the NFT-500 index fell 16% QoQ.
In the gaming landscape, BNB Chain, Ethereum, and Polygon led the market, with over 67% market share (by number of games). The report highlights that the gaming industry is becoming increasingly significant in the cryptocurrency world.
Overall, the report reveals that Q1 was a positive quarter for the crypto industry, with growth in various areas despite the uncertain macro environment. The report is available for download on the Binance Research website.
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