United

Bitcoin

Optimism

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/optimism-for-spot-bitcoin-etfs-boosts-crypto-market-value-in-late-2023/" data-wpel-link="internal">Optimism for Spot Bitcoin ETFs Boosts Crypto Market Value in Late 2023</a><br></p>
<p style="text-align: justify">In the last quarter of 2023, the cryptocurrency market saw a significant increase in value, driven by growing optimism for the potential approval of spot Bitcoin ETFs in the United States. This anticipation led to a bullish sentiment in the market, resulting in a 55% rise that pushed the total market value from $1.1 trillion to $1.6 trillion. During the same period, Bitcoin’s price also skyrocketed from $27,000 to $42,000, showcasing an impressive performance.</p> 
<h2 style="text-align: justify" id="strong-general-market-analysis-and-growth-for-2023-strong"><strong>General Market Analysis and Growth for 2023</strong></h2> 
<p style="text-align: justify">According to data compiled by the crypto data and pricing platform CoinGecko, the cryptocurrency market demonstrated impressive growth throughout 2023, more than doubling the total market value from the beginning of the year at $832 billion. This significant expansion was particularly possible due to Bitcoin’s impressive recovery, which represented a 2.6-fold increase. After the challenges and stagnation of 2022, 2023 emerged as a strong recovery year for the cryptocurrency market.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-304298" src="https://coin-turk.com/wp-content/uploads/2024/01/Kripto-Para-Piyasasi-2023.png" alt="" width="1798" height="1796"></p> 
<p style="text-align: justify">In 2023, the total value of the cryptocurrency market increased by 108.1%, from $829 billion to $1.72 trillion. The average daily trading volume in the fourth quarter was $75.1 billion, representing a 91.9% increase over the previous quarter. However, the overall daily trading volume still remained 31.6% below the 2022 figures, averaging $58.9 billion.</p> 
<p style="text-align: justify">Bitcoin (BTC) experienced a significant increase of 155.2% in 2023, with a 64.3% rise in just the fourth quarter from $26,918 to $42,220. During this period, BTC reached an annual peak of $44,004, which had not been seen since April 2022. Bitcoin’s strong performance is marked by fluctuations across different quarters of the year.</p> 
<p style="text-align: justify">Solana (SOL) recorded an impressive increase of 917.3%, rising from $10 to $101.3 in 2023. SOL, in particular, experienced an aggressive rally in the fourth quarter, climbing to $121.5. The altcoin’s daily trading volume also saw a significant increase, rising from $827 million in the first quarter to $2 billion in the fourth.</p> 
<p style="text-align: justify">In 2023, the NFT trading volume across the top 10 chains reached $11.8 billion, but this figure is less than half of the trading volume recorded in 2022. Ethereum (ETH) still holds a 72.3% share in NFT trading, although this indicates a decline from its 90% dominance in 2022. Bitcoin and Solana stood out, particularly in the fourth quarter of 2023, with increased trading volumes.</p> 
<h2 style="text-align: justify" id="strong-trading-volume-of-centralized-crypto-exchanges-increased-by-53-1-in-the-fourth-quarter-of-2023-strong"><strong>Trading Volume of Centralized Crypto Exchanges Increased by 53.1% in the Fourth Quarter of 2023</strong></h2> 
<p style="text-align: justify">In 2023, the trading volume of cryptocurrencies reached $36.6 trillion, with a 53.1% increase in the fourth quarter compared to the previous quarter. This growth can be associated with the bullish market sentiment alongside optimistic expectations for spot Bitcoin ETFs.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-304297" src="https://coin-turk.com/wp-content/uploads/2024/01/Kripto-para-borsalari-hacim.png" alt="" width="1792" height="1792"></p> 
<p style="text-align: justify">Despite the major collapse of FTX in 2022 and <a href="https://en.coin-turk.com/binance-and-zhao-respond-to-secs-attempt-to-use-doj-findings/" data-wpel-link="internal">Binance</a>‘s regulatory challenges in 2023, centralized crypto exchanges (CEX) still dominated the market in terms of trading volume. The CEX/DEX spot ratio remained at 91.4% and the CEX/DEX derivatives ratio at 98.1%.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/optimism-for-spot-bitcoin-etfs-boosts-crypto-market-value-in-late-2023/" data-wpel-link="internal">Optimism for Spot Bitcoin ETFs Boosts Crypto Market Value in Late 2023</a></h5>

Optimism for Spot Bitcoin ETFs Boosts Crypto Market Value in Late 2023

Table of Contents

COINTURK NEWS

Other articles published on Jan 18, 2024

Justin Sun backed crypto exchange unveils new DAO with HTX token used for governing

Myro vs Sei: Who Will Hit $1 First in 2024?

Crypto trader turns $10,000 into $1.3 million with timely TROLL token investment

South Korea May Remove Income Tax on Cryptocurrency Gains

Chainlink Weekend Price: Will LINK Enter Bearish Trend?

Robinhood Holds Over 36 Trillion SHIB Tokens: Community Member Highlights

Join our free newsletter for daily crypto updates!