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Q1 State of Crypto: Market Pulse

Binance Research (JieXuan Chua, CFA, Shivam Sharma, Keng Ying Sim, Mac Naggar)


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  • Market Pulse is a compilation of key charts and insights by Binance Research, shedding light on the state of crypto.

  • Market Overview: Q1 was a strong quarter for crypto. Total crypto market capitalization increased by 49.4% QoQ even amidst an uncertain macro environment.

  • Layer 1s: Blockchain activity bounced back well in Q1. From a price perspective, Bitcoin had a great quarter, while attention was also on Ethereum ahead of the Shanghai Upgrade.

  • DeFi: Q1 marked a recovery period for DeFi as TVL increased 27.1% QoQ, ending the quarter at US$49.7B.

  • NFTs: NFT sales increased 67% QoQ in Q1, largely driven by increased activity on Blur. However, performance fell 16% QoQ, as measured by the NFT-500 index.

  • Gaming: The gaming landscape was led by BNB Chain, Ethereum, and Polygon, with more than 67% market share (by number of games).


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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.

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