new York-based investment bank HC wagner‘S Analysts have proclaimed the end of “crypto winter.”

What happened: Wainwright Analyst Mike Colonnese observed in a note sent to investors on Wednesday that overall cryptocurrency prices are up 45% year-to-date, helped by a 67% surge in the price of Bitcoin BTC/USD.

Colonnese, noting that the market has now likely entered the next bull price cycle, added that this typically translates into huge growth in overall crypto market cap, institutional and retail adoption, and high trading volumes.

“Crypto winter is over and spring has begun,” he added.

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Why it matters: The investment company provides coin base COIN Expanding its market share in the cryptocurrency sector and capitalizing on the fast-growing global crypto economy given its position as the world’s largest publicly traded crypto exchange.

The bank expects this trend to continue for the remainder of 2023.

Colonnese added that bullish sentiment usually occurs ahead of a Bitcoin halving, with the next one scheduled for April 2024.

Price promotion: At the time of writing, BTC is trading at $28,996, up 2.30% over the past 24 hours. according to Benzinga Pro.

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