0
0
Cryptocurrencies: 12,885
Markets: 942
Marketcap: $ 2.10 T(0.32%)
24h Vol: $ 59.98 B
BTC Dominance: 48.13%

Cryptocurrency Market Sees Significant Gains to Close out 2023

Q4 2023 saw significant highs in the digital asset market due to increased bullish sentiment among institutional investors. A report by CCData highlighted positive on-chain metrics for cryptocurrencies in the fourth quarter.

Trading Volumes and Inflows Increase

Daily trading volumes in the cryptocurrency market rose by 33.9% in December, reaching a 20-month high of $659.5 million according to the CCData report here. Institutional inflows into crypto funds for 2023 recovered from the price drops in 2022, with US$2.2 billion total inflows for the year.

ProShares BITO’s trading volumes increased by 28% to $345.5 million. Grayscale GBTC saw a 67% volume increase to $197.8 million, influenced by a court victory over the SEC regarding its spot BTC ETF application.

Assets Under Management Hits 20-month High

Assets Under Management (AUM) in cryptocurrency products grew by 14% in December to $49.6 billion, the highest since March 2022. AUM for Bitcoin products alone was over $35 billion, a 152% increase over the year, leading to a rise in altcoin investments as well. Solana (SOL) became an institutional favorite, ending the year with a 54.9% increase in inflows.

Going into 2024, analysts are optimistic that continued institutional investment and improving market sentiment could push crypto prices even higher.

Advertisementspot_img

Latest News