According to K33Research Senior Analyst Vetle Lunde, there has been a noticeable increase in website traffic for cryptocurrency exchanges. This is evident as the 90-day website traffic has risen by 45% from August to October.
The data from the past few months shows a significant spike in website traffic, with a total volume of 550 million on crypto exchanges. This number saw an increase of 45% from December 2023 to February 2024, reaching a total of 801 million. However, these numbers are still below the peak of the last two years, which was recorded from June to August 2022 with a total traffic volume of 910 million. This period coincided with the beginning of a bear market and the downfall of several major cryptocurrency companies.
Lunde notes that this recent surge in website traffic suggests that “retail is gradually returning to the market.” This could be attributed to the recovery of the cryptocurrency market, which began in late 2023 with the rise in Bitcoin (BTC) prices and the anticipation of the approval of spot Bitcoin ETFs.
In addition to the increase in website traffic for crypto exchanges, popular cryptocurrency tracking websites like CoinMarketCap and CoinGecko have also experienced significant growth. From August to October 2023, their traffic volume was 311 million, which saw a 66% increase to 519 million from December 2023 to February 2024.
However, Lunde points out that both CoinMarketCap and CoinGecko are still lagging behind the summer of 2022 in terms of website traffic. This could be attributed to the recent surge in BTC prices, which reached a historic high of over $69,000 on March 5. In the past month, BTC has increased in value by approximately 60%, with a market capitalization of over $1.34 trillion.
The demand for Bitcoin and its sharp rise in price can be attributed to the influx of capital into US Bitcoin spot ETFs, which were launched in January. Another contributing factor is the upcoming halving, expected to take place in April.
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