2023 Q1 Outlook: New Year, New Narratives

Report Summary

We are delighted to announce the release of CryptoCompare's latest research report: 2023 Outlook: New Year, New Narratives. In this report, we assess the macroeconomic and digital asset environment of 2022 while looking forward to the trends we expect to see in 2023, including developments in the centralised exchange sector, decentralised finance, stablecoins, CBDCs and more.

Key highlights:

  • Throughout 2022, digital assets saw a notable increase in correlation with traditional assets, with Bitcoin and Ethereum returning -65.4% and -68.3% respectively in 2022
  • The collapse of FTX dramatically influenced exchange outflows, volumes and liquidity on almost all centralised exchanges. For example, exchange volumes saw a drop of 43.0% in December relative to November.
  • Total value locked (TVL) in DeFi fell 24.7% to $74.3bn, recording the second-largest quarterly TVL decline in DeFi history
  • The market cap of stablecoins, which currently stands at $138bn, has grown its dominance over the total crypto market cap to 16.6% from 6.76% at the start of 2022.
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