Home
News
Bitcoin, the big cheese in the crypto space, expanded its strong roots in UAE and became the most preferred cryptocurrency.
The craze for cryptocurrency investment is booming as leading nations like the US, UK, and Vietnam have shown interest in digital asset investment. UAE, a nation with 38th position in terms of remarkable crypto investment, secured second standing among the GCC countries. Also, Bitcoin (BTC) has emerged as one of the most preferred cryptocurrencies in the nation.
UAE: The Strong Contender in The Crypto Space
A recent report of Chainalysis indicated the craze of crypto investment worldwide. According to the data, the UAE has reached 30th place among the top 50 nations, with remarkable crypto investment gains.
The nation has marked a substantial capital gain of over $204 Million in digital asset investment in 2023. Interestingly, BTC is one of the most preferred digital assets in the country.
UAE, or the Emirates, is in second place among the Gulf Cooperation Council (GCC) in terms of gains. In contrast, the first position was secured by Saudi Arabia, with around $351 million. Additionally, Saudi Arabia secured 26th rank in the top 50 countries with remarkable crypto investment gains.
Furthermore, the US and the UK won the crypto investment race, securing first and second positions, respectively. The US reported a staggering gain of around $9.36 Billion, whereas the UK reported around $1.39 Billion.
Other top players in the list include China, Indonesia, and India, with staggering gains of over $1.15 Billion, $1.06 Billion, and $1.05 Billion, respectively.
Based on the report, it can be said that the year 2023 was a recovery year for the crypto market. The market sentiment and asset prices improved in 2023 compared to 2022, when an estimated decline of $127.1 billion was recorded.
The crypto market indicated an outstanding performance in 2023, hitting over $37.6 Billion. Discussing the monthly cryptocurrency gains, November 2023 and December 2023 remained profitable for the crypto landscape. $7.4 billion in crypto gains were recorded in November, whereas $8.5 billion was documented in December.
Furthermore, BTC has emerged as one of the biggest contributors to the gains and secured its strong position in the crypto land. 70% of the total gains recorded in the Emirates were a result of BTC investment. Ethereum and Ripple (XRP) secured second and third positions.
How well is Bitcoin Performing?
BTC, the oldest and strongest digital asset, sustained its kingdom in the crypto world. The cryptocurrency is outperforming, breaking its record for all-time high prices.
At the time of writing, BTC stood at $64,719.54 after an upsurge of 0.54% in the past 1 day. The market cap of BTC is around $1,272,635,065,495 and $36,291,516,111 in 24-hour volume.
On March 14, 2024, BTC recorded its all-time high of $73,750.07, whereas the all-time low was $0.04865 on July 15, 2010. Furthermore, the coin holds a maximum supply of 21 Million and a circulating supply of 19,661,956.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
