Bitcoin has experienced a significant recovery in 2023, with a 164% increase since January 1 and a market cap above $40,000.

The cryptocurrency has outperformed gold and the S&P 500, with Ether’s price rising 95%.

The surge was driven by investors hoping for a U.S. spot bitcoin ETF and looser monetary policy.

Centralized exchange spot and derivatives trading volume rose to $3.61 trillion in November.

Stablecoins, such as Tether, have grown, with a record market cap of nearly $90 billion.

However, J.P. Morgan expects the crypto market to rebound through early 2024, but is skeptical of the market’s acceptance expectations.

Some market experts believe the bitcoin rebound is still young, with investors’ net dollar-denominated realized profit reaching $324 million per day.