Digital Asset Market 2023: BTC and ETH Strong, Rise of Torrents
The digital asset markets delivered impressive returns in 2023, emerging from the initial recovery phase and once again entering an uptrend. Market leaders BTC and ETH saw significantly smaller market corrections in 2023 than the uptrends of previous cycles, suggesting that levels of investor support and positive capital inflows are occurring.
Across a number of metrics, including our ongoing development of the Cottage Coin Indicator, we are seeing the first significant rise in market valuations for the cottage coin industry since the peak of the previous cycle. However, it is worth noting that this performance is measured relative to fiat currency (i.e., the U.S. dollar). In the digital asset space, Bitcoin's dominance continues to rise, leading to a year-to-date increase of over 110% in BTC market capitalization
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