The cryptocurrency market continues gaining significant attention because it has defied many odds to become a trillion-dollar industry.
Reportedly, the crypto market capitalization was a stone’s throw away from the $3 trillion mark because it recently stood at $2.96 trillion.
More participants are eyeing this sector, given that the crypto exchange web traffic has witnessed a 15.5% increase month-on-month (MoM). Lars, a researcher at TheBlock, explained:
“Cryptocurrency exchange web traffic increased to 473.3M visits in October (+15.5% MoM).”
Corporates have also been setting the ball rolling in crypto adoption. For instance, payment giant Mastercard recently partnered with three cryptocurrency providers to launch the first crypto-linked payment cards in the Asia Pacific.
Furthermore, there is a high likelihood that most financial institutions will offer crypto trading services in the next one to three years.
Bitcoin on exchanges nosedive
Bitcoin (BTC) balances on crypto exchanges have been down-trending, and this played an instrumental role in enabling the top cryptocurrency to reach historic highs of $68,500.
Crypto analytic firm Glassnode stated:
“As Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted. Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.”
Bitcoin leaving exchanges is bullish because it symbolizes a holding culture.
On the other hand, crypto whales are not relenting in their quest to accumulate more BTC. For instance, whale addresses holding between 10,000 and 100,000 BTC recently bought an additional 43,000 BTC in just five days.
Meanwhile, Bitcoin is cementing its status at the $1 trillion market value, as acknowledged by market analyst Will Clemente. He noted:
“17.5% of BTC’s money supply has moved above the $1T market cap threshold.”
With crypto exchange web traffic experiencing exponential growth, whether this will continue increasing the cryptocurrency market value remains to be seen.
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