US leads global crypto gains with $9.3 billion in 2023: Chainalysis report

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After a brutal 2022 that saw investors face major losses, the crypto market staged a strong comeback in 2023. According to a recent report from Chainalysis, total crypto global gains reached $37.6 billion, with the US leading the charge at an estimated $9.3 billion. The UK followed closely with nearly $1.4 billion in gains.

However, despite this positive movement, the gains fell short of the $159.7 billion peak seen during the 2021 bull market, according to Chainalysis. Chainalysis suggests that investors’ reluctance to convert their crypto assets into cash may explain the lower gains compared to 2021. The firm adds that investors seem to anticipate further price increases. This is evidenced by consistent gains throughout the year, with a notable surge in November and December, suggesting anticipation of a late-year rally.

Chainalysis’ findings also show remarkable achievements in upper and lower-middle-income countries, particularly in Asia. Vietnam, China, Indonesia, and India each surpassed $1 billion in estimated gains, ranking in the top six globally. This aligns with strong crypto adoption in these regions, which has persisted despite recent market downturns.

The crypto market kicked off 2024 with bullish momentum fueled by spot Bitcoin ETF approvals and a surge in institutional adoption. Bitcoin continues to set a new record high while other major crypto assets also experience growth. Chainalysis suggests that if these trends hold, the market could be poised for a year of explosive growth rivaling 2021.

According to Coinglass’ data, Bitcoin is currently trading at around $72,000, up around 71% year-to-date.

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