Crypto Market Resurgence – Canaccord Reports Growth
Over the past year, the cryptocurrency market has grown significantly, emerging from a period of consolidation brought on by the failure of the FTX cryptocurrency exchange. A recent study report from broker Canaccord claims that the digital assets market has not only bounced back but also returned its attention to growth and innovation.
Transformation in the Crypto Market
According to Canaccord’s analysis, the introduction of spot ETFs in the United States has been a major factor in the recent upsurge in the cryptocurrency market. The market has entered a new development phase as a result of the introduction of Bitcoin (BTC) and Ether (ETH) spot exchange-traded funds earlier this year, which has led to larger institutional adoption of digital assets.
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Canaccord anticipates a rise in institutional allocations to cryptocurrency due to the growth of new business models and the total addressable market (TAM).
The industry has effectively transitioned from the post-FTX consolidation period, the report highlights. The demise of FTX, which declared Chapter 11 bankruptcy in November 2022, was a significant factor in the bear market and crypto winter. Market players, however, have demonstrated the industry’s resiliency by swiftly adapting and refocusing on development prospects.
According to the paper, one of the key players in the industry’s resurgence was Michael Saylor’s MicroStrategy (MSTR). The company’s move to become a Bitcoin development company paid off, as evidenced by the shares’ recent rise of approximately 325%, which exceeded gains in most asset classes, including Bitcoin, which increased by approximately 148%.
Institutional Adoption Driving Market Growth
Since spot Ether ETFs started trading on July 23, Canaccord notes that the approval of spot ETFs has been a positive catalyst for the crypto market, especially in the U.S. This broader institutional adoption is expected to drive continued growth and increase portfolio allocations to digital assets.
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Although there have been setbacks, as noted by Citi regarding the performance of the crypto market since the launch of spot Ether ETFs, the overall trend indicates that the market is recovering and expanding.
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