Published on juni 16, 2024, 5:33 pm
Image source: Fox News
```json [ { "TLDR": "The Altcoin industry has raised over $100 billion for cryptocurrency startups since May 2014, with a significant boost during the COVID-19 pandemic. Funding peaked at $7 billion in October 2021, and recent data shows the U.S. as a major contributor. Several high-profile funding deals from late 2023 to mid-2024 include investments in companies like Together.AI and Wormhole, indicating a growing interest and influx of funds into the altcoin sector." } ] ```
The Altcoin industry has reached a significant milestone, surpassing the $100 billion mark in fundraising for cryptocurrency startups since May 2014. This achievement was particularly accelerated by the impact of the COVID-19 pandemic, with a substantial portion of funds being raised during this period of economic uncertainty.
Over the past decade, the cryptocurrency market has experienced its fair share of highs and lows amidst regulatory challenges and market fluctuations. Despite these obstacles, the industry has continued to evolve, evident from the total funding amount reaching $101.35 billion as of June 16, 2024.
Looking back at the early days in May 2014 when cryptocurrency startup funding began with only $17.14 million, it’s remarkable to see how far the industry has come. In May 2024, funding for cryptocurrency startups skyrocketed to $280.25 million for that month alone, showcasing significant growth over the years.
The peak of cryptocurrency startup funding occurred in October 2021 when over $7 billion was raised, setting a record that is yet to be surpassed. Even the second-highest month on record in February 2022 with $3.67 billion falls significantly short of this milestone.
Recent data from 2023 highlights that nearly half of all cryptocurrency funding originates from investors based in the United States. Other countries like the United Kingdom and Singapore follow closely behind in terms of contribution to industry funding.
In a notable trend reported by Cointelegraph, several high-profile funding deals have been sealed between late 2023 and mid-2024. Companies like Together.AI and Wormhole secured investments of $225 million each, while Totter and Eigenlayer received substantial sums of $101 million and $100 million respectively.
Other significant fundraises include Swan Bitcoin securing $165 million and Blockchain.com raising $110 million. These developments signify a growing interest and investment influx into the altcoin sector.
As we move forward into an era where cryptocurrencies are gaining mainstream acceptance, it becomes increasingly apparent that innovation and expansion within the industry are driving substantial financial inflows globally.
Original article posted by Fox News
