Growth of crypto market capitalization: analysis for the first quarter of 2024
Date: 2024-04-18 Author: Gabriel Deangelo Categories: BUSINESS
The cryptocurrency market capitalization increased by $1.1 trillion in the first three months of 2024, according to CoinGecko data, doubling the increase in the previous fourth quarter of 2023.
Trends and reasons for growth
There has been strong market growth since the end of January 2024. One of the key reasons was the influx of capital into spot Bitcoin ETFs, approved in the United States on January 10. The funds' assets under management reached $55.1 billion, with the Grayscale Bitcoin Trust ETF (GBTC) remaining the leader, although the iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) are also increasing their share.
Bitcoin price growth
A report from CoinGecko notes that Bitcoin's price rose 68.8% in the first quarter of 2024, reaching an all-time high of $73,650.
Bitcoin stock forecast
Analysts at CryptoQuant predict that cryptocurrency exchanges will run out of Bitcoin in the next nine months.
