In the second quarter of 2023, the cryptocurrency market showed complex dynamics.

After the total market value fell to $2.8 trillion in the first quarter, there was a slight rebound at the beginning of the second quarter, but it was still affected by macroeconomic uncertainties, resulting in high volatility.

Bitcoin's dominance solidified, with a market share of 60.6%, and its price hovered around $85,000, outperforming most altcoins.

Solana performed exceptionally well due to the launch of Canada's first Solana ETF and a meme craze on-chain, with its price rising 36% from the low point in the first quarter. Ethereum, on the other hand, continued to be sluggish, with its market share falling to 7.3%, a five-year low, partly due to a lack of innovation and a slowdown in DeFi activity.