Is 2023 a Bear Market Year for Crypto?
When it comes to determining whether 2023 is a bear market year for crypto, analyzing website traffic data can provide some insights. According to Similarweb, a web analytics platform, there has been a decline in monthly website visits for major crypto exchanges like Binance and Coinbase.
Binance experienced a significant drop of 22% in monthly visits, going from 69 million in January to 54 million in August. Coinbase followed with a 15% decrease, with its visits decreasing from 33.5 million to 28.4 million during the same period.
However, other exchanges have seen substantial growth in their website traffic this year. OKX and HTX (formerly Huobi) witnessed impressive surges of 185% and over 200% respectively. Gate.io, CoinW, XT.com, and Bitmart also experienced traffic increases of varying degrees.
Not Just Exchanges
The trend of rising traffic is not limited to centralized exchanges. Software wallets like MetaMask and Binance’s Trust Wallet have seen increases in monthly visits. Decentralized exchange Uniswap has also witnessed a significant rise in website traffic.
Bitrefill, a cryptocurrency gift card company, experienced a 12% increase in monthly visitors by August.
Bitcoin’s Performance
Despite the fluctuations in website traffic, Bitcoin has performed well this year. It is up by 62% year-to-date and is expected to surge further next year with the potential approval of a Bitcoin spot ETF and the upcoming halving event in April.
According to Standard Chartered, Bitcoin could reach $120,000 by 2025.
Hot Take: The Crypto Market Remains Dynamic and Promising
While some major crypto exchanges have experienced a decline in website traffic, it is important to note that several others have seen significant growth. This indicates that the crypto market remains dynamic and promising.
Additionally, the performance of Bitcoin this year suggests that there are still positive factors driving its value. With the potential approval of a Bitcoin spot ETF and the upcoming halving event, there is optimism for further growth in the future.
Overall, despite some fluctuations, the crypto market continues to show resilience and potential for investors.
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