In early January, bitcoin (BTC) attempted to break above $49,000 for the first time since April 2022. The emergence of spot crypto funds directly investing in the digital currency was the driver of the turbulence.
However, BTC failed to reach 50,000, and the cryptocurrency collapsed below $41,000 as early as last week. The market has gradually recovered in 2023, with digital assets trading at around $36.6 trillion, according to Coingecko’s research.
The decentralized finance (DeFi) and tokenized collections (NFT) markets have also shown strong growth over the past 12 months.
Experts recorded the activation of users of centralized and decentralized crypto exchanges. Over the year, the market capitalization grew by 108%, emphasized in Coingecko.
In addition to bitcoin, the most successful were ether (ETH) and Solana (SOL), which soared by more than 90% and 900% respectively in 2023.
The study notes:
“BTC saw strong growth in the first quarter, climbing 72.4%. Another surge followed in the second quarter, then it pulled back 11.5% before rising again in the fourth quarter.”