Crypto startups doubled first-quarter revenue to $5 billion.

The industry continues to raise venture capital despite general market instability, according to statistics provided by PithBook Data Inc., raising approximately $5 billion in the first quarter, more than double the amount from a year ago.

“We are absolutely amazed by the amount of money that crypto businesses were able to raise in the first quarter of this year compared to what it was a year ago,” said Spencer Bogard, general partner of Blockchain.

Investors become more disciplined

From the founder’s market to neutral, the market varies. Leading operators have the greatest valuations, but investors are becoming more careful and aren’t seeking to spread themselves too thin, according to Multicoin Capital partner Robert Reid.

Some venture capitalists are bullish about the future, such as Near Protocol, which attracted $350 million in an initial round of funding, more than doubling the amount received in January, and the irreplaceable token, or NFT, which raised $450 million. As a result, its market capitalization increased to $4 billion.

The pace of investment in cryptocurrencies remains high, according to Shan Agarrwal, head of corporate development and venture capital at Coinbase, and enterprises’ investment decisions are independent of the market.