Binance Research Report Reveals 110% Surge in Crypto Market Cap YTD
Positive shift in stablecoin supply, NFT trade volume resurgence, and increased fees signal crypto market maturation. A recent report from Binance Research reveals a remarkable surge in the total cryptocurrency market capitalization, which has climbed by about 110% year-to-date, adding over $870 billion in capital, with a notable 55% increase observed in Q4 alone. This growth follows a period of stagnation after the 2021 crypto highs, marking a potential shift in market dynamics.
A significant finding highlighted in the report is the first positive shift in the quarterly net change of the supply of the top five stablecoins since Q1 2022. This indicates a growing interest and influx of capital into cryptocurrencies. Moreover, there has been a notable resurgence in trade volumes of NFTs, particularly in Bitcoin NFTs, breaking the previous year-long downtrend. NFT trade volume resurgence reflects a renewed market sentiment and a revival in speculation. The study also highlights a surge in fees generated by leading crypto projects in November, suggesting the maturation of these platforms into revenue-generating businesses, with Ethereum leading in fee generation.
Source
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