Kaiko Lists Factors Behind the 2023 Crypto Market Trends

• Kaiko highlighted key events that shaped the crypto market in 2023.
• According to Kaiko, Bitcoin led the crypto rally for the year amid ETF hype.
• Binance started 2023 with 70% market share but closed with 43.8% amid legal setbacks.

Kaiko, a financial data platform with analytics tools for cryptocurrency, has highlighted some of the significant events that shaped the crypto market in 2023. The analysis platform made a series of posts on X (formerly Twitter), referencing those events and noting how they impacted the crypto market in the year.

According to Kaiko, Bitcoin led the crypto rally for the year amid ETF hype, with the best risk-adjusted returns relative to most traditional assets. There were rumors on many occasions that the U.S. Securities and Exchange Commission (SEC) was about to approve multiple spot Bitcoin ETF applications. The crypto market surged with every rumor, expectations increased, and Bitcoin led the rallies.

Kaiko also noted that developments within Binance, the largest crypto exchange by volume, impacted the crypto market, albeit negatively, from an overall perspective. According to the analytics platform, Binan…

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