The report states that 518 deals totaling $2.3 billion were closed in the first quarter of this year.
Investments increased by 40.3% over the previous quarter, according to this report.
Fundraising in the cryptocurrency market reached $2.4 billion in the first quarter of 2024, thanks to a shift in market mood and fresh inflows. According to a recent PitchBook analysis, the cryptocurrency sector saw a huge increase in investment numbers quarter-on-quarter.
The bull market in Q1, during which cryptocurrency values reached levels not seen in months, was the primary driver of the increase in investment. Following the SEC’s approval of spot Bitcoin ETFs, a slew of institutional investors poured money into the cryptocurrency market.
Investors flocked to the market with the price of Bitcoin reaching a new ATH of around $73,000. More venture capital funds were active throughout this bull run as well.
Substantial Growth
The report states that 518 deals totaling $2.3 billion were closed in the first quarter of this year within the industry. Investments increased by 40.3% over the previous quarter, according to this report. Taking into account the increased on-chain activities seen in Q4 2023, this is a massive jump forward.
There was a 44.7% rise in deal volume or transaction number in the previous quarter. Due to the increase in asset values, market valuations went high this year. The experts at PitchBook anticipate an increase in investment activity throughout the year.
A crypto firm called Zama, which produces fully homomorphic encryption (FHE), received $73 million in fundraising, while EigenLayer, received $100 million in Series B funding, according to the report.
But with $106 million, Together AI became the biggest deal of the quarter, boosting its valuation to $1.1 billion. As more and more institutions began to engage in the cryptocurrency sector, deal after deal brought increasing values for various companies.
Highlighted Crypto News Today:
Solana Price Witnesses an Upsurge, Reaching a Five-Week High!
