Crypto Market Monthly Report: 50% Surge Promises A March Madness
crypto market report
With an almost 50% surge in Bitcoin this February, the oldest crypto has witnessed the biggest surge since May 2019. As the bulls are going crazy with the inflow the Bitcoin Spot ETFs are observing, especially Blackrock’s IBIT, the markets are on the run. This marks the sixth positive month for Bitcoin, possibly igniting the altcoin season.
Fact: The crypto industry reached the $2.44 Trillion market cap, a level last seen in January 2022.
The rising inflow in the Bitcoin ETFs is playing a major role in the Bitcoin price jump that is fueling the market-wide recovery in other sectors. Coming after the AI craze, the NFT and DeFi space finds a breath of relief with the rising Bitcoin price pumping the market, leading to a possible recovery rally.
Bitcoin Ready To Cross $69,000
With a remarkable bullish turnaround for Bitcoin, this February becomes the second most bullish February after 2013. Starting the month slightly above $42,500, the BTC price forms a huge bullish engulfing candle in the monthly chart and trades well above $62,500.
With the boom in trading volume supporting the uptrend, the breakout of $60,000 marks a longer run. Hence, the oldest cryptocurrency is on the verge of getting a new all-time high.
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Further, with 99% of holders in profit, the BTC price is just 10% away from its all-time high. Considering the uptrend continues beyond the $69,000 mark, the trend-based Fib level hints the next stop at $72,289.
Bitcoin Dominion Expands
Bitcoin (BTC) consolidates its leadership with a market price of $62,651.04 and a dominant market cap of 51.12%, alongside a notable 21.33% surge over the past week. Ethereum (ETH) trails with minimal growth, elevating its price to $3,470.37 and capturing 16.92% of the market share.
BNB is not far behind, marked at $411.69, showcasing a 7.96% increase over the last month and holding a market cap that signifies 2.76% of the crypto sphere. Solana (SOL) and XRP are also in the limelight, with SOL ascending to $128.37 (a 20.95% 30-day increase) and XRP advancing to $0.5999, marking a commendable 10.01% rise.
Rank Name Price Market Cap Dominance (%) 30d%
1 Bitcoin $62,761.36 $1,228,606,232,940 50.35% 44.65%
2 Ethereum $3,476.08 $416,223,197,872 17.06% 50.68%
3 Binance $413.43 $61,825,123,824 2.53% 32.77%
4 Solana $130.93 $57,942,512,306 2.37% 26.37%
5 Ripple $0.59 $32,389,004,446 1.33% 11.46%
6 Cardano $0.69 $24,510,727,678 1% 30.47%
7 Dogecoin $0.13 $18,221,323,532 0.75% 56.23%
8 Avalanche $42.90 $16,180,513,026 0.66% 17.6%
9 Tron $0.14 $12,614,721,347 0.52% 27.73%
10 Chainlink $20.15 $11,830,402,434 0.48% 33.55%
Cardano (ADA) mirrors this upbeat sentiment, priced at $0.7006 and witnessing a 16.85% hike over the same timeframe. Meanwhile, Avalanche (AVAX) and Dogecoin (DOGE) display consistent gains, with AVAX at $43.38 (up 15.67%) and DOGE at $0.1289 (up 52.32%), indicating a bullish trend across these altcoins.
The New Level of Bullishness With Bitcoin Spot ETF
The Bitcoin ETFs have taken center stage of the current rally, with inflows reaching record-breaking numbers. Blackrock’s IBIT has been at the forefront of this trend, pulling in an unprecedented $612 million in a single day, surpassing the previous day-one record of $655 million.
This remarkable influx is a testament to the growing confidence among investors as IBIT’s assets soar beyond the $9 billion mark. The surge in investment has been a significant catalyst in the current bull run, demonstrating the pivotal role of ETFs in the broader market dynamics.
Since January 11, 2024, the total net flow into Bitcoin ETFs has accumulated to a staggering $7.4 billion, highlighting the unwavering appetite for Bitcoin exposure through traditional investment vehicles.
The IBIT’s standout performance is not an isolated event; it reflects a broader trend across Bitcoin Spot ETFs. Further, the expansion collectively experienced a net inflow of $673 million, setting a new record. However, the Grayscale Bitcoin ETF continues to give significant outflows.
These inflows into Bitcoin ETFs are not just figures on a ledger; they represent the increasing mainstream acceptance of Bitcoin as a legitimate asset class and are fueling the bull run that’s gripping the market. The momentum seen in these ETFs, particularly the IBIT, signals a robust investor optimism that could potentially propel the market to new heights.
Altcoin Season Kicks Off
The altcoin sector has witnessed a remarkable rally, experiencing a 38% increase in market capitalization, excluding Bitcoin. The total market cap for altcoins is now teetering on the edge of $1.033 trillion, edging closer to its previous high of $1.707 trillion.
In a week characterized by volatility, a few altcoins have notably outperformed the rest. Leading the pack, JasmyCoin (JASMY) has seen an astonishing 299.63% increase in the past 30 days, followed closely by Arweave (AR) with a 240.30% gain, and Worldcoin (WLD), which has jumped by 228.11%.
These impressive numbers clearly indicate the dynamic and rapidly changing landscape of the altcoin market.
However, not all cryptocurrencies have shared in this month’s bullish sentiment. Starknet (STRK) has seen a decline of 21.07%, Monero (XMR) has dropped by 15.63%, and Astar (ASTR) has fallen by 14.02%.
These setbacks reflect the inherent risks and volatility within the crypto market, reminding investors of the cautious approach needed when navigating this emerging asset class.
Defi Market
The DeFi token market cap has surged past the $115 billion threshold, indicating a robust recovery across the sector. This resurgence is further bolstered by the total value locked in DeFi protocols, which has escalated to $93.366 billion.
It comes as a substantial rise from the $56.411 billion observed at the close of January 2024. This positive momentum signifies a notable revival in-network health for leading DeFi protocols.
As the DeFi sector wraps up January with bullish sentiments, it’s the smaller-cap tokens that are stealing the spotlight. Among them, ERC20 has made a monumental leap with a 2878.24% increase over the last 30 days, COTI has ascended by 280.11%, and Nervos Network (CKB) has climbed by 275.14%.
These tokens have not only shown resilience but have also outpaced many within the sector.
NFT market
The NFT market has experienced a fluctuation this month, with a notable decrease in sales volume, now standing at $1.251 billion, down by 6.15% from the previous period. Despite the downturn, the market is showing signs of resurgence, as seen in the blockchain-specific sales volumes.
As per CryptoSlam, Ethereum maintains its lead in the NFT space with sales reaching $565.6 million, though with a significant portion attributed to wash trading. Bitcoin’s foray into the NFT market has seen considerable activity with $299 million in sales, and Solana continues to be a significant player with sales of $224.2 million.
These notable sales have bolstered the NFT market, contributing to a tentative recovery amidst a broader context of market volatility. The increasing number of active market wallets, up by 4.68%, indicates a growing interest and engagement in the NFT marketplace, suggesting a potential for continued recovery in the coming months.
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