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VICTORIA, SEYCHELLES–(BUSINESS WIRE)–January 11, 2024–
KuCoin Research, the professional research arm of KuCoin, one of the world’s top five crypto exchanges, has released its monthly report for January 2024, providing deep insights into the latest trends in the crypto market. This report provides a comprehensive analysis of macroeconomic factors, stablecoins, public chains, Layer 2 trends, registrations, investment projects, and regulatory policies.
This press release features multimedia. Read the full release here: https://www.businesswire.com/news/home/20240111286243/en/
KuCoin Research, the professional research arm of KuCoin, one of the world’s top five crypto exchanges, has released its monthly report for January 2024, providing deep insights into the latest trends in the crypto market. This report provides a comprehensive analysis of macroeconomic factors, stablecoins, public chains, Layer 2 trends, registrations, investment projects, and regulatory policies. (Figure: Business Wire)
Cryptocurrency markets showed an optimistic tone towards the end of 2023 due to factors such as a dovish Federal Reserve, record highs in the US stock market, and increased positions in the Bitcoin options market. The net long positions of asset managers and large holders remain high, demonstrating strong performance amid global macroeconomic changes. While USDC has stabilized, stablecoin issuance continues to increase, driven by increased issuance of USDT. The Bitcoin and Inscription ecosystem unexpectedly rose, triggering a wealth effect with the BRC20 token, leading to an influx of CEX, crypto veterans, and VCs into the Inscription market.
Fast public chains such as Solana and Avalanche have shown strong recoveries, driving the upward trend in sectors such as MEME, DePIN, and GameFi, resulting in flourishing inscription markets across various ecosystems. Layer 2 trends, especially ETH Layer 2, are seeing a recovery in Total Value Locked (TVL) after a deceleration. Projects such as Metis and Manta benefited from expectations regarding the Cancun upgrade in Q1 2024, hitting historic highs in TVL. Overall, the public chain ecosystem, including Solana, Avalanche, and Cardano, shows impressive growth in TVL.
Although the number of investment projects remained high, seed rounds and strategic funding continued to dominate, with a notable increase in projects with funding over $10 million. In contrast to the crypto investment and financing market in November, the proportion of projects with a funding amount of less than 10 million tokens decreased from 85% to 68.25%, compared to projects with a funding amount of between $10 million and $100 million. The percentage increased to 22.22%. Sectors such as infrastructure, NFTs, and gaming are garnering the most attention, establishing a tripartite advantage alongside the Ethereum Virtual Machine (EVM) ecosystem. These changes in the proportion of projects and loan amounts reflect the resurgence of investment and lending in the Web3 market and potential changes in investor behavior.
KuCoin Research’s January 2024 monthly report thoroughly analyzes these key trends and provides valuable insights for investors, traders, and enthusiasts in the crypto space. For the full report, please visit the KuCoin blog.
About KuCoin
Founded in September 2017, KuCoin is a global cryptocurrency exchange with operational headquarters in Seychelles. As a user-oriented platform focused on inclusivity and the reach of community activities, we offer over 800 digital assets and currently offer spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending of 30 million assets. Serves more than one user. 200 countries and regions. According to CoinMarketCap, KuCoin is currently one of the top 5 crypto exchanges. In 2023, KuCoin was named one of the Best Cryptocurrency Exchanges by Forbes magazine and recognized as a highly acclaimed global exchange by Finder in his 2023 Global Cryptocurrency Trading Platform Awards. For more information, please visit https://www.kucoin.com/.
About KuCoin Research
KuCoin Research is a leading provider of research and analysis in the cryptocurrency industry. With a team of experienced analysts and researchers, KuCoin Research aims to provide high-quality insights and reports that empower investors and industry professionals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240111286243/en/
For media inquiries, please contact media@kucoin.com.
Keywords: Seychelles Africa
Industry Keywords: Blockchain Cryptocurrency WEB3 Professional Services Technology Fintech Digital Cash Management/Digital Assets NFT
Source: KuCoin Research
Copyright Business Wire 2024.
Pub: 01/11/2024 05:00 AM/Disc: 01/11/2024 05:02 AM
http://www.businesswire.com/news/home/20240111286243/ja
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