The public’s enthusiasm for cryptocurrency is once again on the rise. Cryptocurrencies are reemerging as a significant component of investment portfolios, as evidenced by substantial figures. Let’s delve into the reasons behind this trend…
The allure of cryptocurrency is once again captivating the public. In India, the growth of cryptocurrency has been notable, with a major crypto exchange witnessing a significant surge in subscribers over the past six months. Several changes are also evident in the cryptocurrency market.
The subscriber base of the leading cryptocurrency exchange, Wazir X, has surged by 122 percent in the last six months. The company recently published its transparency report covering the period from October 2023 to March 2024, revealing a remarkable 217 percent increase in trading activity on its platform during this time frame.
According to Wazir X’s report, the highest number of new subscribers (sign-ups) joined the platform in December 2023.
Remarkable Surge in Bitcoin
Bitcoin remains the most popular cryptocurrency. Over the past year, Bitcoin has witnessed a remarkable growth rate of over 113 percent. A year ago, Bitcoin was priced at $29,245, whereas it has now surged to around $63,718.
This resurgence in Bitcoin’s value is reigniting public interest in cryptocurrency. Bitcoin’s current market capitalization stands at $1.25 trillion, reflecting its enduring appeal. Similarly, other cryptocurrencies are also experiencing upward momentum.
Another contributing factor to the cryptocurrency boom is the commencement of discussions on new regulations in the United States. The American government is considering granting legal recognition to cryptocurrency as an asset class for investment. Several states have initiated steps in this direction, contributing to the surge in cryptocurrency prices.