VICTORIA, SEYCHELLES–(BUSINESS WIRE)–January 11, 2024–
KuCoin Research, the dedicated research arm of KuCoin, a top 5 global cryptocurrency exchange, has released its monthly report for January 2024, which provides in-depth insights into the latest developments in the cryptocurrency market. The report provides a comprehensive analysis of macroeconomic factors, stablecoins, public chains, Layer 2 trends, tokens, investment projects, and regulatory policies.
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KuCoin Research, the dedicated research arm of KuCoin, a top 5 global cryptocurrency exchange, has released its monthly report for January 2024, which provides in-depth insights into the latest developments in the cryptocurrency market. The report provides a comprehensive analysis of macroeconomic factors, stablecoins, public chains, Layer 2 trends, tokens, investment projects, and regulatory policies. (Chart: Business Wire)
The cryptocurrency market showed an optimistic vibe around the end of 2023, fueled by factors such as the Federal Reserve’s dovish shift, record highs in the US stock market, and increasing positions in the Bitcoin options market. The net long positions of institutional asset managers and major shareholders remained high, indicating strong performance amid global macroeconomic changes. Stablecoin issuance continues to rise, driven by increased issuance of USDT, while USDC is stabilizing. The Bitcoin and token ecosystems have unexpectedly surged, triggering a wealth effect from BRC20 tokens, leading to an influx of CEX, cryptocurrency veterans, and venture capital into the token market.
High-speed public chains such as Solana and Avalanche have shown a strong recovery, leading to bullish trends in sectors such as MEME, DePIN, and GameFi, leading to booming recording markets across various ecosystems. Layer 2 trends, especially in ETH Layer2, show a recovery in Total Value Locked (TVL) after the slowdown. Projects like Metis and Manta have achieved historic highs in TVL, riding on expectations surrounding the Cancun upgrade in Q1 2024. Overall, public chain ecosystems, including Solana, Avalanche, and Cardano, are showing impressive TVL growth.
Although the number of investment projects remained high, seed rounds and strategic financing remained in first place, with a noticeable increase in projects with financing exceeding $10 million. In contrast to the cryptocurrency investment and financing market in November, the proportion of projects with funding of less than 10 million tokens decreased from 85% to 68.25%, and the proportion of projects with funding between $10 million and $100 million increased to 22.22%. Sectors such as infrastructure, NFT, and gaming attract the most attention, leading to a triple dominance alongside the Ethereum Virtual Machine (EVM) ecosystem. These changes in the proportion of projects and financing amounts reflect a recovery in investment and financing in the Web3 market as well as potential shifts in investor behavior.
KuCoin Research’s January 2024 Monthly Report provides a comprehensive analysis of these key trends, offering valuable insights to cryptocurrency investors, traders, and enthusiasts. For the full report, please visit the KuCoin blog.
About QCoin
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusivity and access to community action, it offers over 800 digital assets and currently offers spot trading, margin trading, P2P fiat trading, futures trading, staking and lending to its 30 million users in over 200 countries and regions. KuCoin is currently one of the top 5 cryptocurrency exchanges according to CoinMarketCap. In 2023, KuCoin was named one of the Best Cryptocurrency Exchanges by Forbes and was recognized as a Highly Commended Global Exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards. Learn more at https://www.kucoin.com/.
About KuCoin Research
KuCoin Research is a leading provider of cryptocurrency research and analysis. With a team of experienced analysts and researchers, KuCoin Research aims to provide high-quality insights and reports to empower investors and industry professionals.
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Keyword: Seychelles Africa
Industry Keyword: Blockchain Cryptocurrency WEB3 Professional Services Technology FINTECH Digital Cash Management / Digital Assets NFT
Source: KuCoin Research
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Publication date: 01/11/2024 05:00 AM / Disc: 01/11/2024 05:02 AM
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