The last six months have seen greater momentum in the market, to the point that the total cryptocurrency market capitalization has risen to $870 billion; this represents a growth of 110% so far this year.
According to a report from the Binance exchange, so far in the fourth quarter, markets have increased by 55%, that is, by 596,000 million dollars.
The company assures that it understands “greater enthusiasm” in the market but that it is “too early” to definitively say that it has returned to a bull market.
As you can see in the following graph, the market capitalization at the beginning of the year was approximately $810 billion and currently reaches 1,700 billion dollars.
The price of bitcoin is what drives the growth of the cryptocurrency market. As of 2023, its capitalization has increased by 162%”It outperforms most of the market and most other major crypto assets,” Binance emphasized.
That growth is fueled by developments at all ends of the market spectrum, from collectors to ordinarys, a protocol that allows non-fungible tokens (NFT) and fungible tokens (BRC-20) to be archived in the Bitcoin network, until institutional investors approach the digital currency because of the possibility of approving spot bitcoin exchange-traded funds (ETFs).
In the case of Ordinals, its popularity was as high as November Its trading volume has managed to surpass the Ethereum network, which is usually the leader in this industry, a fact reported by CriptoNoticias.
Another key factor for BTC is the wave of ETFs proposed in the United States and expected to be approved between January 8 and 10, according to analysts.
In total, there are 13 bitcoin spot ETF applications currently under review by the Securities and Exchange Commission (SEC). The latest was presented by the Swiss asset manager, Pando Asset, on November 29.
“If approved, a bitcoin spot ETF will address the two main drivers of digital currency adoption: convenience and accessibility and widespread acceptance. Holding a spot ETF will provide many institutional investors with an easy, regulated, and widely accepted way to increase exposure to bitcoin in their portfolios, as well as improve distribution,” Binance suggested in its report.