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Crypto Market Bounces Back: 109% Gain Driven by Bitcoin and ETFS

Published 01/16/2024, 08:00 PM
Updated 01/16/2024, 08:15 PM
© Reuters. Crypto Market Bounces Back: 109% Gain Driven by Bitcoin and ETFS

  • Research shows a 109% increase in the crypto sector valuation in 2023, driven by Q1 and Q4 gains.

  • Non-fungible tokens volumes rebounded, generating $1.7 billion in December.

  • 1,173 projects secured $9 billion in investment in 2023, with infrastructural projects taking the largest share.

Leading cryptocurrency exchange Binance has released a research report on the crypto market, highlighting the developmental increase recorded in 2023 and the projection for the market in 2024.

According to the research, the crypto sector valuation increased by 109%, with significant gains recorded in the first and last quarters of 2023. The report attributed the surge in Q4 to the optimistic drive surrounding the now-approved Bitcoin spot ETF and the upcoming Bitcoin halving.

(Q1 and Q4 uptick in crypto valuation | Binance research)

The report noted that the gains recorded for early and late 2023 starkly contrasted with the values for 2022, where the market experienced a downturn of approximately 64%. This decline was fueled by a series of destabilizing events, including the de-pegging of TerraUSD (UST), the bankruptcies of various lending institutions, and the repercussi…

The post Crypto Market Bounces Back: 109% Gain Driven by Bitcoin and ETFS appeared first on Coin Edition.

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