The global value of cryptocurrencies surged by more than $800bn (£631bn) in 2023 as investors continued to pile into the speculative assets despite a series of scandals, bankruptcies and tougher regulation.
After losing more than half their value in the 12 months to December 2022, digital coins rebounded over the last year – with the whole sector worth roughly $1.6 trillion at Christmas.
The price of Bitcoin, the most popular and valuable cryptocurrency, more than doubled, up more than 150pc over the course of the year. A single Bitcoin is now worth north of $42,000, its highest point in 18 months.
Ethereum, the second most popular cryptocurrency, increased its value by 88pc over the year.
Solana, another widely-traded coin, climbed more than 500pc during 2023. The digital currency data came from Coinmarketcap, which is owned by cryptocurrency exchange Binance.
Bitcoin’s previous high was just over $65,000, amid a buying frenzy in November 2021. High-profile investors including Elon Musk piled into cryptocurrencies, however much of its value was wiped out over the next 12 months.
Yet despite an ongoing series of controversies, cryptocurrencies rebounded in 2023.
