tl;dr
Crypto Market Insights 2024 Summary: According to CoinLedger's data, the average crypto portfolio gains have surged to $2,804 in 2024, a significant increase from the modest gains of less than $1,000 observed in 2023. Despite losses in 2022, investors have witnessed a notable ...
Crypto Market Insights 2024 Summary: According to CoinLedger's data, the average crypto portfolio gains have surged to $2,804 in 2024, a significant increase from the modest gains of less than $1,000 observed in 2023. Despite losses in 2022, investors have witnessed a notable resurgence in unrealized gains, reflecting the resilience of the crypto market. CoinLedger's CEO attributes this resurgence to the renewed prominence of cryptocurrencies like Bitcoin and Ethereum. Insights drawn from CoinLedger's extensive user base of over 500,000 global crypto investors reveal Bitcoin and Ethereum as the standout assets, with both surging over 50% since the year began. Additionally, despite regulatory challenges, Binance's BNB coin remains a significant player, and Bitcoin continues to be the most-held crypto among CoinLedger users, aligning with findings from CryptoQuant indicating a reduction in Bitcoin exchange reserves.
2024 has proven to be a lucrative year for the average investor, according to recent data unveiled by CoinLedger. The platform’s data reveals a notable surge in the average crypto portfolio, with gains totaling $2,804 thus far. This notable increase starkly contrasts with the modest average realized gains of less than $1,000 observed throughout 2023.
Related Reading: Crypto Market Resurgence: New Data Shows Average Investors Earned Over $800 In 2023
UNREALIZED CRYPTO GAINS REFLECT MARKET RESILIENCE Despite enduring losses exceeding $7,000 on average during 2022, according to Coinledger, investors witnessed a notable resurgence in 2024. The growth in unrealized gains underscores the resilience of the crypto market.
Against these notable developments, CoinLedger CEO David Kemmerer expressed optimism regarding the industry’s trajectory. He emphasized the “thriving” nature of the crypto market, attributing the resurgence to the renewed prominence of cryptocurrencies like Bitcoin and Ethereum.
CoinLedger’s insights are drawn from its extensive user base, comprising over 500,000 crypto investors globally. Most users hail from the United States, supplemented by contributions from Australia, Canada, and various other nations.
CoinLedger’s data provides a snapshot of the market’s performance.
KEY TRENDS AND OBSERVATIONS Examining the top performers within CoinLedger’s user base reveals Bitcoin and Ethereum as the standout assets, registering the most substantial gains in raw US dollar value, while Solana (SOL), Cardano (ADA), and Polygon (MATIC) round out the top five. For context, Bitcoin and Ethereum have surged roughly over 50% since the year started. SOL, ADA, and MATIC, on the other end, have only seen roughly over 30% so far this year.
Interestingly, despite regulatory challenges and legal scrutiny faced by Binance’s BNB coin, it remains a significant player, securing the sixth position in gains.
Furthermore, insights into investor behavior reveal Bitcoin’s enduring popularity as the most-held crypto among CoinLedger users. This trend aligns with the latest findings from CryptoQuant, indicating that Bitcoin exchange reserves have now plummeted to their lowest levels on record since early 2021. Bitcoin exchange reserves plummet Bitcoin exchange reserves plummet. | Source: CryptoQuant Data from CryptoQuant underscores this shift, revealing that over the past month, more than 90,700 bitcoins have been withdrawn from major crypto exchanges. This notable trend signals a reduction in the available supply of Bitcoin on these platforms, suggesting a strategic move by investors toward long-term asset-holding strategies.
Related Reading: Ethereum Average Fees Has Hit A New 2023 Low: Data This pattern of behavior from investors towards Bitcoin outflows from exchanges to cold storage solutions is likely influenced by various factors, including the steady ascent in the digital asset’s valuation and significant events such as the anticipation surrounding the forthcoming Bitcoin halving event and the approval of spot Bitcoin exchange-traded funds (ETFs) in the US.
Featured image from Unsplash, Chart from TradingView
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