Bitcoin’s Market Cap Increased by a Peak of 172% in 2023 + More News
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2023 has been an exceptional year for digital assets, with Bitcoin’s market capitalization increasing by a peak of 172%, according to on-chain analysis firm Glassnode.
Other digital assets have also had a strong year. Ethereum and the wider altcoin ecosystem have seen 90% growth in their market caps, the report said.
The market has broken above several important technical and on-chain pricing models this year. The rally since late October has been responsible for most of the gains.
Furthermore, digital assets have “significantly” outperformed traditional assets, including Equities, Bonds, and Precious Metals all year.
Regarding BTC, the deepest correction in 2023 closed just 20% below the local high. This suggests that buy-side support and the supply and demand balance have been favorable all year.
Bitcoin transaction volumes were relatively stagnant until October, supporting the notion that this was a market phase shift.
Exchange inflow and outflow volumes for BTC and ETH are picking up throughout the year, suggesting an expansion in spot trading interest.
Bitcoin transaction counts reached new all-time highs this year, largely due to the rise of Ordinals and Inscriptions.
Long-term holders currently hold a near all-time high of the bitcoin supply. Also, a super-majority of coins are now held in profit, whether due to changing hands, or by prices rallying above the cost basis.
Bitfinex Securities, alongside Mikro Kapital, announced the successful raise of $5,200,100 USDT of ALT2611 bonds on the Liquid Network.
The raise by ALTERNATIVE, a Luxembourg-based
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