The most outstanding
In this blog, we present you a preview of the recent Binance Research report that analyzes the main developments in the cryptocurrency market from the past month.
March 2024 was another positive month for cryptocurrencies, as the total market capitalization increased by 16.3%, and BTC twice hit a new all-time high above $73,000.
The DeFi market also maintained its bullish trend, with total value locked increasing by 14%. Additionally, similar trends were seen in the NFT market, where monthly trading volume increased by 14.6% to $1.41 billion.
Thanks to Binance Research, you can benefit from industry-specific analysis of the processes that shape Web3. By sharing these insights, we hope to equip our community with the latest knowledge in the field of cryptocurrency research.
Today's blog explores the major Web3 developments in March 2024 to provide an overview of the ecosystem. We analyze the performance of the cryptocurrency, DeFi and NFT markets before reviewing the main events planned for the month of April 2024.
Cryptocurrency market performance in March 2024
In the month of March, the cryptocurrency market continued to experience an upward trend and ended the month with a 16.3% increase in terms of total market capitalization. Bitcoin price hit a new all-time high, topping $73,000 twice before retreating sharply, reaching its lowest point around $60,000. Although capital inflows into spot BTC ETFs slowed in the second half of March, they managed to capture over $12 billion in net inflows since their launch in January. Heading into April, we are less than 20 days away from the next Bitcoin halving, one of the most anticipated events in the cryptocurrency sector. Consequently, it is more than likely that the arguments surrounding Bitcoin will continue to capture the market's attention, with the consequent price volatility to be expected.
Monthly change in cryptocurrency market capitalization (%)
Source: CoinMarketCap (March 31, 2024)
Monthly price performance of top ten coins by market capitalization
Most of the top ten cryptocurrencies by market capitalization saw positive price action in March, maintaining the bullish market momentum of the previous months. SHIB, TON, and DOGE topped the list with monthly gains of 137.7, 111.9, and 70.1%, respectively. Recently, meme coin trading has become a prominent option due to the popularity these tokens have gained on various networks, such as Solana and Base. Factors such as price volatility and low unitary bias have led traders to speculate in these currencies.
SOL and BNB posted notable gains, closing the month with price increases of 54.7% and 50.4%, respectively. For its part, SOL experienced impressive performance throughout March, reaching a new all-time high in terms of market capitalization and record decentralized exchange (DEX) volume of $74.5 billion. BTC, whose recent rise, despite slowing down, is still noteworthy, saw a 13.9% gain and hit a new all-time high above $73,000 on two occasions. XRP, ETH and ADA were at the lower end of the month's price developments, as XRP and ETH saw a rise of 6.1 and 5% respectively, while ADA saw a decline of 1.6%. .
Decentralized Finance (DeFi)
In March 2024, the DeFi market continued its upward trend in terms of total value locked (TVL) and recorded a monthly gain of 14%. Among the top ten blockchains, Solana and Base stood out with increases of 94% and 143%, respectively. Largely driven by the current frenzy surrounding meme coins, Solana DEX volume reached a new record of $60 billion. A similar trend was seen on Base, which also recorded a new high of $7.82 billion in volume. As meme coin trading heats up, the potential of these coins to drive adoption on these networks has become a popular topic of discussion in the community.
Total value locked share of major blockchains
Tokens no fungibles (NFT)
Monthly NFT Trading Volume
The NFT market also maintained its momentum in March, with total sales volume up 14.6% to $1.41 billion. In particular, Bitcoin NFT collections such as Ordinals and NodeMonkes saw a significant increase in sales volume, culminating in monthly increases of 170% and 140%, respectively. These were the highest performing collections of the month in terms of sales. In contrast, the hype around Pandora, the first NFT collection to use the ERC-404 standard, slowed in March, with the collection's sales volume dropping by 78%. In terms of NFT sales volume on major chains, Bitcoin led with a sales volume of $514 million, followed by Ethereum with $489 million and Solana with $243 million. All other chains recorded substantially lower volumes than the first three.
next events
To help users stay up to date with the latest Web3 news, the Binance Research team has summarized the notable events and token unlocks for the coming month. Stay tuned for these upcoming developments in the blockchain space.
Featured events in April 2024
Fuente: Binance Research
Largest US$ token unlocks
Binance Research
The Binance Research team is committed to providing objective, independent and in-depth analysis of the cryptocurrency space. We publish insightful insights on Web3-related topics, including the cryptocurrency ecosystem, blockchain applications, and the latest market developments.
This article is just a summary of the full report, which contains more analysis of the most important market charts from the past month. It also delves into the latest developments related to BTC price action amid sustained ETF inflows, Ethereum's Dencun upgrade, Solana DEX volumes, and Dai savings rate.
You can read the full version of this Binance Research report here.
Other related posts
Binance Research: Key Trends in the Crypto Sector – March 2024
Lessons from history: a retrospective on Bitcoin halvings and the dynamics of the sector
Binance Research: top cryptocurrency trends to follow in 2024
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