Recent findings from K33Research indicate a notable uptick in website traffic to cryptocurrency exchanges, signaling a gradual return of retail investors to the crypto market. Senior Analyst Vetle Lunde reported a substantial 45% increase in 90-day website traffic from August to October, with the total volume reaching 550 million during that period. This trend continued, with traffic escalating to 801 million from December 2023 to February 2024.
Despite these increases, the latest figures still fall short of the peak observed in June to August 2022, when traffic soared to 910 million. This period coincided with the onset of a bear market and the collapse of several major cryptocurrency companies.
Lunde interprets the recent surge in website traffic as a sign that “retail is gradually returning to the market.” This resurgence is attributed to the recovery of the cryptocurrency market, initiated in late 2023 with the upswing in Bitcoin (BTC) prices and anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs).
CoinMarketCap and CoinGecko, prominent cryptocurrency data platforms, have also witnessed significant growth. Their combined traffic volume surged from 311 million from August to October 2023 to 519 million from December 2023 to February 2024, marking a robust 66% increase.
On March 5, BTC achieved a historic high, surpassing $69,000. The past month has seen Bitcoin’s price surge by approximately 60%, propelling its market capitalization to a record $1.34 trillion. This surge is attributed to substantial capital influx into U.S. Bitcoin spot ETFs launched in January. Additionally, the impending halving, expected in April, contributes to the growing demand for Bitcoin and its surging value.
