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<p>2023, a terrible year for cryptos? Not so fast! While many are dubbing it the dark year for crypto investors, Chainalysis data suggests that 2022 was worse. In 2022, the market lost $127.1 billion, whereas in 2023, it generated profits of $37.6 billion. Ironically, even in the United States, where bitcoin is not yet legalized, crypto profits are piling up.</p>
<h2 id="h-the-united-states-tames-the-crypto-market-a-telling-record">The United States tames the crypto market: a telling record</h2>
<p>Despite its <strong>progress with spot Bitcoin ETFs</strong>, the United States still lags in crypto regulations. The <strong>potential return of Donald Trump to the White House</strong> could be a game-changer, as he appears <a href="https://www.cointribune.com/en/trump-ready-to-legalize-payments-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">ready to legalize BTC or let it coexist with the dollar</a>.</p>
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     <p lang="en" dir="ltr">Crypto markets are hot right now, with Bitcoin recently breaking all-time highs. But 2023 wasn’t half bad either! Read our latest blog for a breakdown of our estimates for crypto investors’ gains in 2023, both in total and broken down by country. <a href="https://t.co/HfD1MuGiA7" rel="noopener noreferrer nofollow">https://t.co/HfD1MuGiA7</a></p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1768260961108902257?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 14, 2024</a>
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<p>After a tumultuous 2022, <strong>the cryptocurrency market has regained its vigor in 2023</strong>, according to the <a href="https://www.chainalysis.com/blog/cryptocurrency-gains-by-country-2023/" target="_blank" rel="noopener noreferrer nofollow">latest Chainalysis report</a>. Investors have made <strong>substantial gains, totaling $37.6 billion globally</strong>. A ray of hope in a market once faltering.</p>
<p>The <strong>United States</strong> stands out with impressive gains of $9.3 billion, followed by the <strong>United Kingdom</strong> with $1.39 billion. But even more remarkable is the performance of upper-middle and lower-middle-income countries in Asia. <strong>Vietnam, China, Indonesia, and India</strong> all recorded <strong>gains exceeding a billion dollars</strong>, demonstrating massive crypto adoption despite the challenges.</p>
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   Distribution of crypto gains by country – Source: Chainalysis
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<p>This positive momentum is fueled by investor optimism, although the gains remain below the peak of <strong>$159.7 billion reached in 2021</strong>. However, the reluctance of investors to withdraw their assets suggests growing confidence in the <strong>continuous growth of the crypto market</strong>. The gradual rise observed throughout the year, with a particular boost in November and December, indicates anticipation of a year-end rally and strengthens confidence in the future of the cryptocurrency market.</p>
<h2 id="h-the-method-behind-crypto-gains-a-proven-formula">The method behind crypto gains: A proven formula</h2>
<p>Chainalysis’ approach is based on the <strong>analysis of crypto asset movements and conversions into fiat currency</strong>. By examining on-chain flows, the company assesses the collective gains on each asset by measuring the differences between withdrawal and deposit values.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://accounts.binance.com/en/register?ref=35547494" target="_blank" rel="noopener noreferrer nofollow">Acheter ses premières cryptos avec la plateforme Binance</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">Ce lien utilise un programme d’affiliation</a>
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<p>While this method is not perfect, it provides a <strong>solid estimate of the gains on assets traded on major centralized exchanges</strong> (DEX). Then, these gains are distributed among countries based on their share of web traffic on the tracked service platforms. This approach, used for Chainalysis’ annual Global Cryptocurrency Adoption Index, ensures a reliable estimation of the gains by country.</p>
<h2 id="h-the-horizon-of-2024-the-path-to-growth">The horizon of 2024: The path to growth?</h2>
<p>As 2023 gives way to 2024, <strong>favorable trends continue</strong>, driving crypto assets like bitcoin to all-time highs. The approval of bitcoin ETFs and the growing adoption by institutions fuel this ascent. With <strong>an increase of 65.4% for bitcoin</strong> and <strong>70.2% for ether</strong> up to March 13, this year promises gains close to those of 2021.</p> 
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 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
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<p>This persistence reflects the <strong>robustness of the market</strong>, supported by increasing institutional adoption and clearer regulations. The expectation of continued growth, evidenced by the reluctance to realize gains, could signal the start of a prolonged expansion.</p>
<p>A widespread growth, observed across various countries and income levels, attests to the enduring momentum of the cryptocurrency market.</p>
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Crypto: The United States and Asian countries lead the way

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