Crypto Investors Reap Average Gains of $887 in 2023, CoinLedger Finds

by Feb 7, 2024CryptoNews0 comments

In 2023, cryptocurrency investors realized an average gain of $887, marking a notable contrast to the previous year’s “crypto winter” that resulted in average losses of over $7,000, according to CoinLedger. The data, obtained from 500,000 users of the crypto tax software provider, indicates a positive shift in the industry as it began to recover. CoinLedger’s analysis revealed that investors sold their cryptocurrencies for higher prices than they initially acquired them, resulting in these gains. The CEO of CoinLedger, David Kemmerer, sees this rebound as a sign of the cryptocurrency market’s resilience, especially following the collapse of several crypto firms.

In 2022, the crypto market experienced significant downturns due to collapses in the Terra ecosystem, FTX exchange, and crypto lenders Celsius and Voyager, resulting in a more than $1.5 billion decrease in total market capitalization. However, 2023 saw a change in fortunes, with optimism surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) and despite multiple bank collapses in the United States. This resurgence in the market led to a substantial increase in crypto market capitalization during the fourth quarter of 2023. CoinLedger’s data also suggests that Bitcoin holders tend to hold onto their coins more than investors of other cryptocurrencies.

CoinLedger primarily serves users in the United States, with 80% of its user base located there. However, the data also includes users from Australia, Canada, and other countries. The average gains realized by crypto investors in 2023 provide hope and reflect the ongoing potential of the cryptocurrency industry.

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