Binance Research: Crypto Market Will Grow This Year
According to Binance Research, the cryptocurrency market experienced a successful year in 2023, and the blockchain industry as a whole saw growth and progress.
The report forecasts an even more successful year ahead, with the market capitalization increasing by 109% in the coming year. The largest growth was seen in the first and second quarters, with Bitcoin also experiencing a productive fourth quarter.
Binance’s analysts also noted the rise in value of stablecoins, with USDT dominance reaching close to 71%. The final quarter saw growth in anticipation of the launch of spot crypto ETFs investing in BTC.
Looking to 2024, Binance predicts a continued increase in institutional involvement in the cryptocurrency space, as well as the expansion of tokenized assets, growth in DApp users, and widespread use of artificial intelligence.
