K33Research Senior Analyst Vetle Lunde has observed a notable increase in website traffic to cryptocurrency exchanges, indicating a gradual return of retail investors to the market. According to data, there has been a 45% surge in 90-day website traffic from August to October.

The rise in website traffic suggests a positive trend for retail participation in the cryptocurrency market:

  • 90-day website traffic to crypto exchanges has increased by 45% from August to October
  • Similarly, website traffic to CoinMarketCap and CoinGecko has seen a 66% increase
  • Despite the growth, current figures are still below the peak recorded in the summer of 2022

During the period analyzed, the total volume of traffic on crypto exchanges reached 550 million. Subsequently, from December 2023 to February 2024, this number increased by 45% to 801 million. However, the values remain below the peak of 910 million observed between June and August 2022.

Lunde notes that the recent uptick in website traffic signifies the gradual return of retail investors to the market, possibly driven by the recovery of the cryptocurrency market and the anticipation of the approval of spot Bitcoin ETFs.

Additionally, CoinMarketCap and CoinGecko have seen substantial growth in website traffic:

  • From August to October 2023, the traffic volume was 311 million
  • From December 2023 to February 2024, it increased by 66% to 519 million

On March 5, Bitcoin reached a new all-time high, surpassing $69,000. The price of Bitcoin has surged by approximately 60% in the past month, with a market capitalization exceeding $1.34 trillion. The demand for Bitcoin has been fueled by capital influx into U.S. Bitcoin spot ETFs and the upcoming halving expected in April.

“Still, both are well behind the summer of 2022.” – Vetle Lunde, K33Research Senior Analyst

For more updates and insights on the cryptocurrency market, visit Global Crypto News.

Post Views: 1