Experts from CoinGecko released a report detailing the expansion of cryptocurrency market capitalization during the initial quarter.
During the initial three months of the year, the cryptocurrency market expanded, as indicated in a CoinGecko analysis. This sector’s total value surged by an impressive 64.5%, amounting to a record-high $2.9 trillion in March.
In summary, there was a total capital gain of $1.1 trillion. This is nearly twice the amount, which was $0.61 trillion, seen in the fourth quarter of 2024. A notable surge in investments occurred in the Bitcoin ETFs sector following their approval on January 10th.
Starting around late January, there was a rise in trends that continued until mid-March. During this period, the capitalization rate attained its highest point before a potential peak.
Experts at CoinGecko reported that the total assets managed in U.S. Spot Bitcoin ETFs reached an impressive $55.1 billion. Although Grayscale Bitcoin Trust ETF (GBTC) continues to hold the largest portion, iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) have noticeably closed the gap between them.
According to analysts, Bitcoin grew 68.8% over the past quarter and reached its all-time high.
Previously, according to Binance Research, the total value of all cryptocurrencies in the market grew by nearly 17% within a month’s time. Despite a decrease in investments toward spot Bitcoin ETFs toward the end of March, there was still an overall upward trend.
Since January, Bitcoin exchange-traded funds have attracted over $12 billion in investments.
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2024-04-17 17:01