US Leads Crypto Gains in 2023, Amassing $9.3 Billion

US Leads Crypto Gains in 2023, Amassing $9.3 Billion

According to the Chainalysis report, the cryptocurrency market has demonstrated a remarkable recovery. Following a difficult 2022 year, 2023 brought large crypto gains for investors. The cumulative worldwide profits in the crypto market were $37.6 billion. The United States gained the most, with investors collecting $9.3 billion. This revival signals a powerful recovery, but it is still not equal to the $159.7 billion peak recorded during the 2021 bull market.
The positive momentum is attributed to the optimism of investors by Chainalysis. However, the gains do not touch the level experienced in 2021, although there is clear resistance from investors to cash out their assets from crypto. Such an act indicates an expected prolonged price rise. Of particular note, the market gradually increased throughout the year. The spurt in November and December suggested the anticipation of a year-end rally. This tendency points to an increasing faith in the crypto market’s growth trajectory.
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