In 2023, average #cryptocurrency investors made nearly $900 in net profits from their sales, a significant difference compared to 2022. In the previous year, investors experienced average losses exceeding $7,000, as reported by the cryptographic #tax software provider CoinLedger.
Analytical findings:
CoinLedger conducted an analysis of data from 500,000 of its users and found that the average cryptocurrency investor achieved realized profits of $887.60 in 2023 as the industry gradually recovered.
Market turnaround:
David Kemmerer, CEO of CoinLedger, suggested that this data indicates a possible turnaround in the cryptocurrency market. Following the collapse of key players such as FTX, the cryptocurrency market experienced a free fall in asset prices. However, the resilience of this industry is now apparent, underscored by the recent surge.
Causes of the turnaround:
In 2022, several significant entities in the crypto industry collapsed, including Terra, FTX, and crypto lenders like Celsius and Voyager, leading to a loss of cryptocurrency market capitalization exceeding $1.5 billion. However, in 2023, a turnaround occurred due to various factors, including collapses of several US banks and positive sentiment surrounding the launch of bitcoin exchange-traded funds.
Final remarks:
Kemmerer also noted that the majority of CoinLedger's users are based in the USA, although the data also includes users from Australia, Canada, and other countries.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
