The co-founder of Voyager Digital also found himself on the wrong end of American regulatory action, while Celsius founder Alex Mashinsky was arrested in the U.S. anti-money laundering laws, most notably, part of a multi-billion dollar settlement with regulators. Tether, the largest such coin, has seen its market cap soar to an all time high of over $90 billion.Īfter a torrid 2022 saw the downfall of FTX and Sam Bankman-Fried, 2023 has seen more crypto giants come a cropper.īinance chief Changpeng Zhao, plead guilty to breaking U.S. Meanwhile, stablecoins - cryptocurrencies whose value is pegged to a real world asset like the dollar - have also grown. Trading volumes have picked back up too, with the combined spot and derivatives trading volume on centralized exchanges hitting $3.61 trillion in November, up from about $2.9 trillion in January, according to CCData. spot bitcoin exchange-traded fund (ETF) and hopes of easier monetary policy renewed investor energy. Much of bitcoin's gains came later in the year as a potential U.S. The overall crypto market cap has swelled to $1.7 trillion from $871 billion at the end of 2022, with ether's price jumping 95%. It has outpaced traditional assets, including gold which has risen 10% and the S&P 500 which has gained 20%.īitcoin also increased its share of the total cryptocurrency market, from 38% to above 50%, according to CoinGecko data.

The king of cryptocurrencies has leapt 164% since Jan.

Indeed, 2023 has been a surprisingly good year for bitcoin. 'We've had a nice recovery, but we're just in the cusp of the new cycle,' said Kevin Koh, co-founder and managing partner at investment firm Spartan Group. It even found a second wind in October following a summer slump. If 2022 was the year that 'broke bitcoin', 2023 has been the year of trauma recovery.īitcoin has bounced pluckily in the face of depressed crypto prices, low trading volumes and tough economic conditions.

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