The cryptocurrency market witnessed a significant surge in value from October 2023 to March 2024, according to a new report released by Bybit in collaboration with Treehouse. During this period, the market capitalization soared from just over $1 trillion to over $2.6 trillion by March 2024.
This surge in value was attributed to several factors, including the increasing trust and confidence of investors in the crypto sector, as well as a notable influx of funds. The report provides valuable insights into the adoption of digital currencies globally and compares the crypto market with traditional financial markets.
Notably, leading crypto assets such as Bitcoin (BTC) and Ethereum (ETH) outperformed traditional assets, with BTC witnessing a surge of over 155.35%, and ETH experiencing a surge of 105.71%. In contrast, traditional financial markets exhibited varying performances during the same timeframe.
The report also highlighted the remarkable expansion of many centralized exchanges (CEX), which saw their trading volumes triple from October 2023 to March 2024. Among these exchanges, Bybit emerged as the fastest-growing, with its trading volume increasing by 264% within the same period. Bybit currently holds the position of the second-largest crypto exchange globally; it has a market share of 9.6% as of March 2023. Following closely behind is OKX, with a market share of 9%
According to the report, OKX’s 30-day trading volume has grown by 278% since last October, followed by Binance, which has grown by 239%. However, despite OKX’s growth speed surpassing Binance, Binance still remains the largest cryptocurrency exchange globally.
According to the report, the considerable growth in CEX volumes was mainly due to the price spikes of Bitcoin (BTC), Ethereum (ETH), and other top cryptocurrencies. Bitcoin, in particular, attained a new all-time high price of $74,000 during this period.
READ MORE: Analysts React to Bitcoin’s Current Price Movement, Assess Potential Rebound
Additionally, while centralized exchanges (CEX) saw substantial growth, the decentralized exchange (DEX) market outperformed CEXs, with several DEX UniSwap v3 platforms experiencing growth rates exceeding 320%.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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