{"id":566301,"date":"2023-12-21T14:30:13","date_gmt":"2023-12-21T14:30:13","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=566301"},"modified":"2024-06-11T09:17:37","modified_gmt":"2024-06-11T09:17:37","slug":"renewed-hope-for-crypto-2024","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/renewed-hope-for-crypto-2024\/","title":{"rendered":"Renewed Hope For Crypto: 2023 Sets The Stage For A Monumental 2024"},"content":{"rendered":"

The crypto industry went through a period of evolution in 2023 to reiterate its position in the global market. This evolution was particularly spearheaded by <\/span>Bitcoin\u2019s dominance<\/span><\/a>, with the crypto registering gains in the last quarter that were practically absent in the earlier parts of the year.\u00a0<\/span><\/p>\n

All <\/span>the signs are there<\/span><\/a>; interest is picking up, big <\/span>money from institutions<\/span><\/a> is sniffing around again, several important technical and on-chain pricing models this year have been confirmed, and the dust seems to have finally settled from the prolonged bear market in 2022.\u00a0\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap at $1.59 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
The Crypto Winter Thaws: Signs of Life in 2023<\/h2>\n
2023 was majorly a year of correction for the extended bear market in 2022 which saw Bitcoin fall 76% from its all-time high to trade at a bottom of $15,883. According to a report from <\/span>Glassnode<\/span><\/a>, major market structure shifts are now taking place within the crypto industry to reflect growing optimism.\u00a0<\/span><\/p>\n
Related Reading: Institutional Investors Increase Bitcoin Appetite Ahead Of Spot ETF, Report Shows<\/a><\/div>\n
Bitcoin, for one, is showing a strong interest from its long-term holders, as the industry awaits the <\/span>launch of spot Bitcoin ETFs<\/span><\/a> in the US. One particular feature of the year that indicated a strong bullish momentum was the shallow depth of market correction, indicating the industry is maturing into a more stable market in terms of price volatility.\u00a0<\/span><\/p>\n
Bitcoin’s deepest correction in 2023 closed just -20% below the local high, better than historical pullbacks of least -25% to -50%.\u00a0<\/span><\/p>\n
\"Bitcoin\"<\/p>\n
Source: Glassnode<\/pre>\n
Ethereum also saw shallow corrections, with the deepest reaching -40% in early January.\u00a0<\/span><\/p>\n
\"Ethereum\"<\/p>\n
Source: Glassnode<\/pre>\n
From an on-chain perspective, the realized cap in the 2022 bear market for both assets showed a net capital outflow of -18% for BTC and -30% for ETH. The momentum kickstarted in October, as the news of various applications of spot Bitcoin ETFs turned the crypto market on its heels. As a result, Bitcoin finally broke above the $30,000 level which it had traded below for the majority of the year.\u00a0<\/span><\/p>\n
This cascaded into the altcoin market, with Solana, Cardano, and Ethereum all seeing renewed interest and growth in prices and DeFi TVL. According to Glassnode, the total value locked into Ethereum’s layer-2 blockchains increased by 60%, with over $12 billion now locked into bridges.<\/span><\/p>\n
Related Reading: Finance Expert Says Explains Why XRP Is A Scam<\/a><\/div>\n
According to <\/span>CoinShares<\/span><\/a>, the bullish sentiment has also flowed into institutions. October’s rally sparked an 11-week run of inflows into digital asset investment funds. At the time of writing, the year-to-date inflows now sit at $1.86 billion.<\/span><\/p>\n
The crypto industry, <\/span>particularly Bitcoin<\/span><\/a>, is primed for astounding growth in 2024, with various price catalysts like the <\/span>SEC’s approval<\/span><\/a> of spot Bitcoin and Ethereum ETFs in the US, and the next Bitcoin halving. The altcoin market should also follow, spearheaded by Ethereum.\u00a0<\/span><\/p>\n
At the time of writing, Bitcoin is up by 159% this year, outperforming other asset classes. On the other hand, <\/span>Ethereum <\/span><\/a>and <\/span>Solana <\/span><\/a>have dominated the altcoin market, up by 82% and 616% respectively.<\/span><\/p>\n
Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The crypto industry went through a period of evolution in 2023 to reiterate its position in the global market. This evolution was particularly spearheaded by Bitcoin\u2019s dominance, with the crypto registering gains in the last quarter that were practically absent in the earlier parts of the year.\u00a0 All the signs are there; interest is picking up, big money from institutions is sniffing around again, several important technical and on-chain pricing models this year have been confirmed, and the dust seems to have finally settled from the prolonged bear market in 2022.\u00a0\u00a0 Total market cap at $1.59 trillion | Source: Crypto Total Market Cap on Tradingview.com The Crypto Winter Thaws: Signs of Life in 2023 2023 was majorly a year of correction for the extended bear market in 2022 which saw Bitcoin fall 76% from its all-time high to trade at a bottom of $15,883. According to a report from Glassnode, major market structure shifts are now taking place within the crypto industry to reflect growing optimism.\u00a0 Related Reading: Institutional Investors Increase Bitcoin Appetite Ahead Of Spot ETF, Report Shows Bitcoin, for one, is showing a strong interest from its long-term holders, as the industry awaits the launch of spot Bitcoin ETFs in the US. One particular feature of the year that indicated a strong bullish momentum was the shallow depth of market correction, indicating the industry is maturing into a more stable market in terms of price volatility.\u00a0 Bitcoin’s deepest correction in 2023 closed just -20% below the local high, better than historical pullbacks of least -25% to -50%.\u00a0 Source: Glassnode Ethereum also saw shallow corrections, with the deepest reaching -40% in early January.\u00a0 Source: Glassnode From an on-chain perspective, the realized cap in the 2022 bear market for both assets showed a net capital outflow of -18% for BTC and -30% for ETH. The momentum kickstarted in October, as the news of various applications of spot Bitcoin ETFs turned the crypto market on its heels. As a result, Bitcoin finally broke above the $30,000 level which it had traded below for the majority of the year.\u00a0 This cascaded into the altcoin market, with Solana, Cardano, and Ethereum all seeing renewed interest and growth in prices and DeFi TVL. According to Glassnode, the total value locked into Ethereum’s layer-2 blockchains increased by 60%, with over $12 billion now locked into bridges. Related Reading: Finance Expert Says Explains Why XRP Is A Scam According to CoinShares, the bullish sentiment has also flowed into institutions. October’s rally sparked an 11-week run of inflows into digital asset investment funds. At the time of writing, the year-to-date inflows now sit at $1.86 billion. The crypto industry, particularly Bitcoin, is primed for astounding growth in 2024, with various price catalysts like the SEC’s approval of spot Bitcoin and Ethereum ETFs in the US, and the next Bitcoin halving. The altcoin market should also follow, spearheaded by Ethereum.\u00a0 At the time of writing, Bitcoin is up by 159% this year, outperforming other asset classes. On the other hand, Ethereum and Solana have dominated the altcoin market, up by 82% and 616% respectively. Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":566309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83386,3],"tags":[428,656,1119,1144,78790,6664,10923,14690],"class_list":["post-566301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-crypto","category-news","tag-bitcoin","tag-bitcoin-news","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-market","tag-crypto-news"],"acf":[],"yoast_head":"\nRenewed Hope For Crypto: 2023 Sets The Stage For A Monumental 2024<\/title>\n<meta name=\"description\" content=\"The crypto industry went through a period of evolution in 2023 to reiterate its position in the global market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/shenyangcang.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Renewed Hope For Crypto: 2023 Sets The Stage For A Monumental 2024","url":"http:\/\/shenyangcang.com\/news\/renewed-hope-for-crypto-2024\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/renewed-hope-for-crypto-2024\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Crypto.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Crypto.jpeg?fit=929%2C523"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","btc","btcusd","btcusdt","crypto","crypto market","crypto news"],"dateCreated":"2023-12-21T14:30:13Z","datePublished":"2023-12-21T14:30:13Z","dateModified":"2024-06-11T09:17:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Renewed Hope For Crypto: 2023 Sets The Stage For A Monumental 2024\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/renewed-hope-for-crypto-2024\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/renewed-hope-for-crypto-2024\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Crypto.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Crypto.jpeg?fit=929%2C523\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto market\",\"crypto news\"],\"dateCreated\":\"2023-12-21T14:30:13Z\",\"datePublished\":\"2023-12-21T14:30:13Z\",\"dateModified\":\"2024-06-11T09:17:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/Crypto.jpeg?fit=929%2C523","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/566301"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=566301"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/566301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/566309"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=566301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=566301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=566301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}