K33Research: Resurgence of cryptocurrencies brings retail investors back to the market
K33Research, a leading research firm, has recently observed a notable surge in website traffic to cryptocurrency exchanges, indicating a gradual return of retail investors. According to Vetle Lunde, Senior Analyst at K33Research, website traffic for crypto exchanges has seen a significant increase of 45% over a 90-day period from August to October.
During this timeframe, the total volume of traffic on crypto exchanges reached 550 million. This figure further rose by 45% from December 2023 to February 2024, reaching a total of 801 million. However, it is important to note that these recent values still fall short of the peak recorded in the past two years. The highest traffic volume, amounting to 910 million, was observed from June to August 2022. This period coincided with the beginning of a bear market and the collapse of several major cryptocurrency companies.
The latest data suggests that retail investors are gradually returning to the market. Lunde attributes this spike in traffic to the recovery of the cryptocurrency market, which commenced in late 2023 with the surge in Bitcoin’s price and the anticipation surrounding the approval of spot Bitcoin ETFs.
CoinMarketCap and CoinGecko, two prominent cryptocurrency data platforms, have also witnessed substantial growth. Website traffic volume on these platforms reached 311 million from August to October 2023, marking a subsequent 66% increase to 519 million from December 2023 to February 2024.
On March 5, Bitcoin reached a historic high, surpassing $69,000 in value. Over the past month, Bitcoin has experienced a price surge of approximately 60%, with its market capitalization exceeding $1.34 trillion, an all-time record.
The increased demand for Bitcoin and its sharp price rise can primarily be attributed to the significant influx of capital into U.S. Bitcoin spot ETFs launched in January. Another factor contributing to this growth is the upcoming halving event, expected to take place in April.
As the cryptocurrency market continues to evolve, it is essential to stay updated on the latest developments. Follow us on Google News for the most recent news and insights in the world of cryptocurrencies.
