March 12, 2024
By Anjali Kochhar
Vetle Lunde, Senior Analyst at K33Research, has noticed a significant rise in website traffic for Cryptocurrency exchanges. Thus, between August and October, there was a 45% increase in 90-day website traffic.
Between December 2023 and February 2024, the amount of traffic on cryptocurrency exchanges increased by 45% to reach 801 million, from 550 million at that time.
Nevertheless, the most notable traffic volume was recorded from June to August 2022 at 910 million, meaning that the most recent values are still below the maximum of the previous two years. There were several notable cryptocurrency company collapses during this time, along with the start of a bear market.
According to the most recent data, Vetle Lunde notes, “retail is gradually returning to the market.” The increase is probably the result of the cryptocurrency market’s comeback, which started in late 2023 with a spike in the price of Bitcoin (BTC) and the expectation that spot Bitcoin ETFs would be approved.
Bitcoin updated its historical maximum on March 5; the rate was higher than $69,000. Bitcoin’s value has increased by almost 60% in the last month, and it now has a record capitalization of over $1.34 trillion.
The substantial inflow of capital into the U.S. Bitcoin spot ETFs that were introduced in January largely explains the demand for Bitcoin and the sharp increase in its price. Anticipated in April, the halving of Bitcoin represents an additional growth factor.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
