•ViaBTC Capital and CoinEx released the 2022 Crypto Annual Report to offer data analysis and insights into nine sectors, including Bitcoin, Ethereum, stablecoins, NFT, public chains, DeFi, SocialFi, GameFi and regulatory policies.
•The report predicts the crypto trend in 2023 and highlights the bearish impact of the Terra meltdown in May on most cryptocurrency sectors.
•Bitcoin’s price and trading volume saw significant declines while Ethereum’s primary statistics trended downward.
In January 2023, ViaBTC Capital and CoinEx jointly released the 2022 Crypto Annual Report to provide detailed insights into the crypto market. The report offered an in-depth analysis of nine sectors, including Bitcoin, Ethereum, stablecoins, NFT, public chains, DeFi, SocialFi, GameFi and regulatory policies. In addition, it forecasts the crypto trend for the upcoming year of 2023.
The report noted that the bearish impact of the Terra meltdown in May significantly affected most cryptocurrency sectors. This, combined with other factors such as the macro environment and bull-to-bear transition, led to a downturn in the whole industry.
In terms of Bitcoin, the overall performance was sluggish with a significant decline in both price and trading volume. The price at the end of the year even fell below the peak of the last bull market. The report attributed the price trend of Bitcoin to the pace of US interest rate hikes, but noted that this impact was gradually diminishing. The mining industry also witnessed a strong crowding-out effect with falling mining revenue and miners having to shut down their old models. This drove owners of small mining farms out of the market.
The primary statistics of Ethereum trended downward in 2022. This was reflected in the secondary market price and transaction volume, as well as other factors such as the hash rate, active addresses, and the number of transactions.
The report further predicted the crypto trend in 2023. It suggested that the bearish market of 2022 would eventually give way to a new bull market, with the total market capitalization of cryptocurrencies expected to exceed the historical high. It also predicted the emergence of new technologies and services, such as the development of privacy coins and the growth of the NFT sector. Finally, the report suggested that regulatory policies would become an increasingly important factor in the crypto market.