Cryptocurrencies in the second quarter: ETH increases, Bitcoin and NFT trade declines

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In the second quarter of this year there were some significant developments and fluctuations in the cryptocurrency landscape. Compared to the first quarter, however, Bitcoin had a lower performance. At the same time, the use of Ethereum increased, while the trading volume of stock exchanges and NFTS decreased.

A decisive event at the beginning of the quarter was the Ethereum Shapella upgrade, which took place on April 12th. This upgrade was the first major upgrade of the blockchain after the merger. A Coingecko report emphasized that the validators now had the opportunity to call up their stored ETH. In the second quarter, ETH use rose by 30.3 %, with lido finances dominated by the betting providers' ranking.

The report also mentioned the decline in deployment for other betting providers, especially Coinbase and octopuses. These two stock exchanges had regulatory problems with the US stock exchange supervision Sec. As a result, the dominance of octopus fell by 3.4 % and the ETH used by 36.2 % compared to the previous quarter. The dominance of Coinbase also fell by 3.5 % and ended the quarter with a market share of 9.6 %.

In the second quarter,

Bitcoin experienced a cooling of strong growth, which was recorded in the first quarter. Although BTC achieved a previous annual high of $ 30,694 and the crypto market capitalization increase to $ 1.24 trillion, the increase compared to the previous quarter was only 6.9 %. The average daily trade volume of Bitcoin fell to $ 13.8 billion.

stablecoins were also affected by this decline, especially Binance USD and circle. However, Tether's market capitalization was able to assert its top position. A remarkable exception was Trueusd, whose market capitalization rose by 50 %.

The trade in centralized stock exchanges decreased by 42.3 %, mainly due to regulatory issues at Binance. Dealers decided to avoid the stock exchange due to the impending legal disputes with the SEC. This resulted in other exchanges such as Bitget and Bybit climbed into the top 10, while Crypto.com and Huobi were displaced. Dexes like Uniswap did not record a significant increase in volume compared to the previous quarter.

In the NFT sector, the sales of Ethereum collections decreased, but the blockchain continued to retain its dominance. However, Bitcoin orders gained interest and made 20.3 % of the total NFT volume in May.

Overall, the second quarter of the cryptocurrency world showed mixed results. While Ethereum and some stable coins recorded growth, Bitcoin's trading volume went back and the NFT sector experienced a decline in sales. The regulatory problems of Coinbase and octopus as well as the legal matters at Binance were decisive factors. It remains to be seen how these trends will develop in the third quarter.

Source: Coingecko