Investors Amid Growth: Perspectives on the Cryptocurrency Market
Lately, we've been seeing good news about the Web3 industry and the thriving of cryptocurrency. Several factors can explain this surge. Firstly, the upcoming bitcoin halving and bullrun have revived interest in the market. Secondly, the buzz surrounding supply and demand has been fueled by the approval of cryptocurrency-based exchange-traded funds (ETFs) in the US, as detailed in our article “A New Era of Investments: Bitcoin Gains Legal Status”. These factors create a favorable atmosphere for market development.
In today's news article, Coinmooner team is proud to present a detailed analysis from the world's leading independent cryptocurrency data aggregator - CoinGecko. This reputable company meticulously tracks over 13,000 assets and over 1,000 exchanges worldwide. Recently, CoinGecko released its new report, noting that cryptocurrency market capitalization in the first quarter of this year increased by 64.5% compared to the previous period. On March 13, the capitalization reached $2.9 billion, the highest since November 2021.
These data confirm the steady development of the cryptocurrency market and its potential for significant growth. Such promising growth indicators demonstrate investor interest and strengthen cryptocurrency's lucrative and sought-after asset position.
The report catches attention with its in-depth analysis, revealing exciting points. One is related to the dynamics of the daily trading volume of an asset, which increased to $34.1 billion during the reporting period. This is 89.8% more than in the fourth quarter of last year. Additionally, the IBIT Fund, owned by the world's largest investment company, BlackRock, accumulated bitcoins worth $17 billion, becoming the second largest BTC-ETF after Grayscale's GBTC, which consistently records outflows. Moreover, IBIT has become the leader in trading volumes.
However, attention is also drawn to the sharp rise in the price of the world's most popular cryptocurrency, Bitcoin, which surged by 68.8% during this period, reaching a historic high of $73,098. The previous all-time high was recorded in November 2021 at $67,789. Furthermore, the report indicates that during this short period, the top 10 meme tokens on Solana grew by an average of 801.5%, reaching a total market capitalization of $9.36 billion. Some coins were launched only in the first quarter of this year but have already reached significant capitalization, indicating how active the Web3 industry is.
Coinmooner is ready to conduct a thorough analysis of such reports and market research, always striving to keep our readers updated on the latest developments. Also, we strongly recommend that you always conduct your analysis of any situation in the Web3 world and check news from multiple reliable sources. It is also important to note that with the active growth of the market, not only opportunities but also dangers in the form of scammers arise. Therefore, staying vigilant in the crypto world and using advanced security methods to minimize the risk of losing your funds is crucial.
