The Unseen Growth Behind the Bear Market in 2023

The Unseen Growth Behind the Bear Market in 2023

Despite the prevalent narrative surrounding the cryptocurrency bear market in 2023, a deeper look into the traffic data of various crypto platforms paints a more nuanced picture. While some big players like Binance and Coinbase have experienced a dip in their website traffic, several others are witnessing a remarkable surge, indicating a vibrant and active crypto space.

As per the analytics from Similarweb, Binance and Coinbase saw a decrease in their monthly visits by 22% and 15% respectively, from January to August 2023. However, this downward trend is not universal. A host of other platforms are defying the bear market claims with a substantial increase in their year-to-date (YTD) traffic.

HTX, previously known as Huobi, and OKX are leading the charge with a monumental rise in their website visits. HTX has seen a 200% surge, escalating from 7.3 million in January to a staggering 22 million by August. Following closely is OKX with an 185% increase, boasting 22.8 million visits in August, a significant rise from 8 million at the start of the year.

Other platforms like Gate.io and CoinW are not far behind, registering a YTD traffic increase of 143% and 66%, respectively. Moreover, XT.com and Bitmart have enjoyed a 40% spike in their traffic, with Kraken also noting an 11% growth.

Bitrefill, a cryptocurrency gift card company, has also seen a growth spurt with a 12% increase in its monthly visitors, reaching 1 million by August.

This surge in website traffic across various platforms challenges the bear market narrative, suggesting a robust demand and adoption of cryptocurrency services. While it doesn’t directly mirror trading volumes, it serves as a vital indicator of the market’s health and potential.

Furthermore, the bear market definition, which is typically characterized by a 20% or more decline from recent highs, doesn’t quite apply at the moment, with Bitcoin being only 12% down from its recent peak, as per CoinGecko data.

Industry pundits argue against the bear market terminology for the current crypto landscape, with some even asserting that “Bitcoin always has and always will be in a bull market.” This optimistic outlook, coupled with the thriving website traffic, hints at a crypto market that is far from being subdued, showcasing signs of resilience and potential for further growth.

Latest News

The Unseen Growth Behind the Bear Market in 2023

The Unseen Growth Behind the Bear Market in 2023

Despite the prevalent narrative surrounding the cryptocurrency bear market in 2023, a deeper look into the traffic data of various crypto platforms paints a more nuanced picture. While some big players like Binance and Coinbase have experienced a dip in their website traffic, several others are witnessing a remarkable surge, indicating a vibrant and active

Shorts' Sudden Exit: The Tale of $100 Million and the Fading Bears

Shorts’ Sudden Exit: The Tale of $100 Million and the Fading Bears

Cryptocurrency, often hailed as the financial frontier, is a realm where fortunes can pivot dramatically within mere moments. One such seismic shift recently rocked the crypto community: an eye-watering $100 million in crypto shorts vanished in thin air. This occurrence not only emphasizes the capricious nature of the crypto world but also sheds light on

Asia's Emergence as the Next Global Crypto Hub

Asia’s Emergence as the Next Global Crypto Hub

Asia has quietly been building momentum that poises the region to become the dominant force in the global cryptocurrency landscape. Various indicators point to Asia’s accelerating leadership when it comes to crypto adoption, regulation, innovation and activity.   TL;DR:   Asia is seeing a surge in crypto trading volumes as activity moves East. Major cryptocurrency

Ethereum Futures ETFs: Bitwise and VanEck Lead the Way

Ethereum Futures ETFs: Bitwise and VanEck Lead the Way

In the dynamic realm of cryptocurrency, Ethereum has consistently been a beacon of innovation. But as the crypto landscape matures, it’s no longer just about purchasing and holding Ether. The investment horizon is broadening, with groundbreaking financial products coming to the fore. One such innovation is Ethereum Futures ETFs, offering a novel way to invest

Why Claims That "NFTs Are Worthless" Are a Passing Fad

Why Claims That “NFTs Are Worthless” Are a Passing Fad

As the market slumps and fears of a recession continue to loom, NFTs have faced heightened criticism as being an overhyped internet fad. Even Rolling Stone (who once partnered with BAYC) is claiming “Your NFTs Are Actually — Finally — Totally Worthless“. With prices declining from 2021 highs, many are quick to call NFTs a

Skeletor’s Digital Revival: VeeFriends & Mattel’s NFT Collab

Skeletor’s Digital Revival: VeeFriends & Mattel’s NFT Collab

Mattel and Gary Vaynerchuk’s VeeFriends are releasing a toy mashup of Masters of the Universe Skeletor and VeeFriends Skilled Skeleton. The $45 collectible has interchangeable parts and launches on Oct. 6, merging two iconic brands.   TL;DR: Gary Vee is teaming up with Mattel for a toy mashup of Skeletor and VeeFriends character Skilled Skeleton.

MicroStrategy Acquires $147M More Bitcoin, Totals 158K BTC!

MicroStrategy Acquires $147M More Bitcoin, Totals 158K BTC!

In a world where digital currencies are rapidly reshaping the financial landscape, MicroStrategy, a renowned business intelligence firm, has once again made headlines with its latest acquisition of Bitcoin. The company’s unwavering faith in the cryptocurrency has sent ripples across the market, signaling a bullish stance that is hard to ignore.   A Bold Move

0
Would love your thoughts, please comment.x
()
x