The cryptocurrency industry, although volatile and speculative, has made significant progress in a short span of time, driven by remarkable innovation. In November 2021, the combined market value of all cryptocurrencies soared to a record-breaking $3 trillion.
However, adverse macroeconomic circumstances and the collapse of major players, most notably FTX, caused a sharp 64% decline in 2022, plummeting below $800 million. Nonetheless, the market has recovered in 2023, reaching $1.1 trillion, reveals GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Thematic Research: Cryptocurrencies,” reveals that despite the volatility, institutional and retail interest in crypto has increased, and governments are positioning themselves as crypto-friendly hubs. The regulatory narrative has significantly shifted, from talks of outright bans to a focus on proper regulation.
Nicklas Nilsson, Consultant, Thematic Intelligence at GlobalData, comments: “Tracking the crypto market is challenging due to its polarizing nature and fast-paced evolution. GlobalData’s social media analytics indicates that major crypto events regularly spur discussions on social media platforms.”
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