Is the Bull Market Here? $596 Billion Enters Crypto Market Q4 Alone

The largest crypto trading platform, Binance, has published a research report examining whether a full-blown crypto bull market is now upon the crypto community. Specifically, the exchange delved into the subject by exploring top crypto-based narratives.

The first point Binance highlighted was the astronomic year-to-date surge in the value of all cryptocurrencies. In particular, Binance mentioned that the crypto market has grown 110% since January, marking a substantial capital addition of over $870 billion. As a result, the overall market is now more than $1.6 trillion.

Moreover, the exchange noted that the last quarter of the year has accounted for the most significant share of the $870 billion capital growth. Specifically, Binance stated the crypto market has experienced a 55% uptick in the fourth quarter alone, amounting to around $596 billion.

Crypto market cap growth | Binance

Furthermore, Binance disclosed that the supply of stablecoin is rebounding, as the net change in the supply of the top five stablecoins has become positive in the current quarter. Interestingly, this development marked the first instance of a positive trend since the first quarter of 2022.

Stablecoin quarterly net change since Q1-2022 | Binance

It is worth mentioning that stablecoin supply serves as an indicator of the readily available capital for investing in crypto assets at any given moment, per the Binance report. Binance noted the new record could be interpreted as a positive sign for a bull market.

Another positive sign for the bull market Binance highlighted was the new trend observed in the non-fungible token (NFT) market. The report revealed that NFT volumes have surged, breaking an eight-month downtrend and experiencing an almost 200% month-on-month increase in November. Per the report, Bitcoin emerged as the most favored blockchain, boasting over $375 million in NFT volume, surpassing even Ethereum NFTs, which amounted to $348 million.

Also, the research highlighted that fees for the leading 20 crypto projects experienced an 84% increase in October, surpassing the levels of September by over 100%. It also mentioned that Total Value Locked DeFi saw an uptick and an 18% month-over-month rise in DeFi dominance.

After drawing insights from the highlighted points and six additional narratives, the Binance report suggested that the cryptocurrency industry is emerging from the extended bearish period and transitioning towards more positive conditions.

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