Bitcoin has experienced three consecutive months of gains, sparking renewed interest in alternative cryptocurrencies. As a result, the total market value of all cryptocurrencies, excluding Bitcoin and Ether, has reached its highest level since August 2022.
The possibility of an extensive “altseason” remains uncertain, but various sectors within the industry are showing signs of revival after a period of inactivity during the bear market. The Cointelegraph Research Monthly Trends report for December 2023 provides a comprehensive analysis of these emerging trends.
This month’s report covers a range of topics, including Bitcoin market trends, developments in decentralized finance (DeFi), movements in crypto stocks, venture capital (VC) activities, derivatives, updates in the mining sector, and progress in the tokenization of real-world assets. You can download a free PDF of the report from the Cointelegraph Research Terminal.
The cryptocurrency VC sector experienced a surge in funding in November, despite geopolitical unrest and elevated interest rates in the European Union and the United States. Investment inflows totaled $973 million through 93 separate deals, representing a nearly 40% increase from the previous month. This increase in funding may be attributed to positive news sentiment, the recent uptrend in the cryptocurrency market, and a temporary halt in interest rate hikes by the United States Federal Reserve.
Infrastructure and Web3 emerged as leaders in the number of funding rounds, with 37 and 30 rounds, respectively. Centralized finance (CeFi) secured the second-highest investment volume, with $216.4 million distributed across five deals. This surge in funding can be attributed to significant funding events, including Blockchain.com’s $110 million Series E funding round and OSL’s $90 million round.
Bitcoin futures have also gained popularity on the Chicago Mercantile Exchange (CME), with open interest increasing by more than 20% in November. This trend is expected to continue, especially if a spot Bitcoin exchange-traded fund (ETF) is approved in the United States. Leading ETF analysts have increased their likelihood estimates for approval by January 10 to 90%.
The Cointelegraph Research team consists of experts in the blockchain industry, bringing together academic rigor and practical experience to provide accurate and insightful content. With their combined experience in traditional finance, business, engineering, technology, and research, the team is well-equipped to produce the latest Investor Insights Report.
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