Binance Research Institute, the world's largest cryptocurrency exchange, recently released a mid-year report for 2023. As of June 30, 2023, the total cryptocurrency market value has increased by 30.3% year-on-year to reach US$1.17 trillion, which is an increase from US$900 billion a year ago.
Bitcoin Bullish Sentiment High
Binance Research pointed out that for Bitcoin, the first half of 2023 is an important development stage, driven by technological development, including the emergence of Ordinals , Inscriptions (Inscriptions) and BRC-20 tokens. Although the focus of market attention in the past few years has often been placed on public chains dominated by smart contracts such as Ethereum, BNB and Solana, Bitcoin has successfully regained attention this year.
Then pay attention to the Bitcoin Fear and Greed Index. This indicator measures the market’s attitude towards Bitcoin and other large cryptocurrencies and investor psychology. It is calculated using numerical values including market share, trading volume, Google search trends, social media sentiment, price fluctuations, etc. From the perspective of fluctuations in the past six months, the overall level has increased from around 20 to the median level of 50. Binance interprets that the market has a positive view on Bitcoin.
Binance then introduced the Bitcoin Bull & Bear Index, which collects data from Twitter, Reddit, and Bitcoin Talk and uses AI models to analyze it against 93 different sentiment measures.
In the past six months, the indicator has further pointed to a bullish case for Bitcoin, rising from 0.34 to 0.86, an increase of 153%, which the research institute said is a sign of positive thoughts on Bitcoin in the non-cryptocurrency market this year.
The number of Ethereum transactions surged by 4.19 times due to Layer2
According to the reported data, from the perspective of Layer2 market share, Optimistic Rollups currently maintains the lead, and observes "L2 Scaling Factor", which is a term proposed by l2beat.com , which is an indicator that describes how many more transactions are completed on Ethereum while considering L2 solutions.
The specific formula is (number of L2 transactions + number of ETH transactions)/number of ETH transactions. According to the data of the past seven days until July 6, 2023, this number is 4.19 times, that is, the number of transactions completed on Ethereum is 4.19 times more than that without L2 solutions. As of the time of writing this report, L2 averaged 37.6 transactions per second, while Ethereum averaged 12.6 transactions per second.
