Crypto Investors Gained $37.6 Billion Last Year: Report
The year 2023 was a year of notable recovery, culminating in investors amassing gains totaling $37.6 billion, according to Chainalysis data. This resurgence comes after a tumultuous 2022, which left the market in a state of estimated losses exceeding $127.1 billion.
For comparison, crypto investors gained a whopping $159 billion in 2021.
The Chainalysis team employed a comprehensive methodology to approximate the gains accrued from cryptocurrency investments.
By analyzing the macro-level flows of assets that represent about 80% of the total market capitalization, the team could estimate gains based on the net difference between the dollar value of assets withdrawn and those deposited. This approach assumes that deposits into services allowing fiat conversion potentially signal the realization of gains or losses.
Yuri MolchanAdditionally, the distribution of these gains across countries was determined by correlating the web traffic of centralized exchange services with their respective country data.
Diverse global impact
The United States emerged as the frontrunner in cryptocurrency gains, boasting an estimated $9.36 billion, significantly outpacing other nations.
The United Kingdom followed with $1.39 billion in gains, but the report also highlights impressive performances from middle-income countries, particularly in Asia.
Nations like Vietnam, China, Indonesia and India not only surpassed the $1 billion mark in estimated gains but also demonstrated robust crypto adoption rates.
South Korea, German and Argentina are also among the top countries by cryptocurrency gains.
Looking ahead: Promising 2024?
In 2024, major cryptocurrencies like Bitcoin have already experienced remarkable growth. The crypto king is up 69% on a year-to-date basis following the approval of Bitcoin ETFs and heightened institutional adoption.
The leading altcoins of the likes of Ether and BNB have seen substantial price increases.
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