K33Research Observes Increase in Crypto Exchange Website Traffic
K33Research Senior Analyst Vetle Lunde has noticed a significant surge in website traffic for cryptocurrency exchanges. Over the course of 90 days, website traffic saw a 45% increase from August to October. The total volume of traffic on crypto exchanges during this period amounted to 550 million. From December 2023 to February 2024, this figure rose by another 45% to reach 801 million.
Despite these recent increases, the current values still fall short of the peak witnessed in the past two years. The highest traffic volume occurred between June and August 2022, reaching a staggering 910 million. It was during this period that the market experienced the beginning of a bear market and witnessed the collapse of several major cryptocurrency companies.
According to Lunde, the latest data suggests that “retail is gradually returning to the market.” This jump in website traffic can be attributed to the recovery of the cryptocurrency market, which started towards the end of 2023 with the rise in Bitcoin’s price and anticipation surrounding spot Bitcoin ETF approvals.
CoinMarketCap and CoinGecko have also experienced significant growth in website traffic. From August to October 2023, these platforms recorded a total volume of 311 million. By December 2023 to February 2024, this number increased by 66% to reach 519 million.
“Still, both are well behind the summer of 2022.”
– Vetle Lunde, K33Research senior analyst
On March 5th, BTC achieved a new all-time high with its price surpassing $69,000. In just one month, Bitcoin’s price has increased by approximately 60%, and its market capitalization now exceeds $1.34 trillion, setting a new record.
The demand for Bitcoin and its sharp price rise can be attributed to the significant influx of capital into U.S. Bitcoin spot ETFs launched in January. Another contributing factor to this growth is the upcoming halving event, expected to take place in April.
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