The cryptocurrency market capitalization increased by $1.1 trillion during January-March, which is twice the growth seen in the fourth quarter of 2023 ($0.61 trillion), according to experts at CoinGecko.
The market saw steady growth since late January 2024. One of the reasons cited is the influx of capital into spot Bitcoin ETFs approved on January 10 in the USA. The assets under management of these funds grew to $55.1 billion. Grayscale Bitcoin Trust ETF (GBTC) currently holds the largest share, but iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) are close behind.
The report by CoinGecko states that the price of Bitcoin increased by 68.8% in the first quarter of 2024, reaching a new all-time high of $73,650.
Earlier, analysts at CryptoQuant had reported that cryptocurrency exchanges are expected to deplete their Bitcoin reserves within the next nine months.