Binance called 2023 “favorable” for the Bitcoin industry
With a 109% increase in total market capitalization, 2023 was a “largely favorable turnaround” for the crypto industry. Binance specialists came to this conclusion in their report.
In the first and fourth quarters of the year, the digital asset market showed remarkable growth. In the last quarter, optimism was largely due to the expected approval of spot Bitcoin ETFs in the US.
More broadly, macroeconomic factors favoring cryptocurrencies have included robust global GDP growth and easing inflation rates. This has fueled investor interest in high-risk assets, Binance experts say.
