Important notes
This blog contains a preview of the Binance Research report, which discusses the important developments in the crypto markets last month.
March 2024 was another positive month for crypto, with BTC breaking all-time highs above $73,000 twice, while total market cap increased by 16.3%.
The DeFi market also continued its upward trend, with TVL increasing by 14%. Similar trends were seen in the NFT market, with monthly trading volume increasing by 14.6% to $1.41 billion.
Thanks to Binance Research, you can benefit from industry-level analysis of the processes shaping Web3. By sharing these analyses, we hope to empower our community with up-to-date knowledge in the field of crypto research.
Today's blog article covers major improvements to Web3 in March 2024 to provide an overview of the current state of the ecosystem. Before moving on to the notable events in April, we will analyze the performance of the crypto, DeFi and NFT markets.
Crypto Market Performance in March 2024
The crypto market exhibited an upward trend in March, closing the month with a 16.3% increase in total market value. Bitcoin's price has reached a new all-time high, surpassing $73,000 twice. It then came down hard and the lowest price was around $60,000. Although capital inflows into BTC ETFs slowed in the second half of March, they have consistently managed to capture a net inflow of over 12 billion USD since their launch in January. As we move towards April, we are less than 20 days away from the Bitcoin halving, one of the most anticipated events in the crypto industry. Discourses about Bitcoin will probably continue to be the focus of the market, and accompanying fluctuations will be seen in price movements.
Monthly change in crypto market value (%)
Source: CoinMarketCap (March 31, 2024)
Monthly price performance of the top 10 coins by market cap
Many of the top ten cryptocurrencies by market cap experienced positive price movement in March, continuing the market's upward momentum from previous months. SHIB, TON and DOGE led the way with monthly gains of 137.7%, 111.9% and 70.1% respectively. Recently, mem coin trading has become a hot topic thanks to the popularity these tokens have gained on various networks, including Solana and Base. Factors such as price volatility and low unit bias have increased speculation on these coins.
SOL and BNB showed significant gains, ending the month with price gains of 54.7% and 50.4%, respectively. SOL performed impressively throughout March, reaching an all-time high in terms of market capitalization and decentralized exchange (DEX) volume of $74.5 billion. BTC, which has slowed its recent rise but still gained significantly, reached an all-time high, gaining 13.9% and climbing above $73,000 twice. XRP, ETH, and ADA were at the bottom of price performance throughout the month; While XRP and ETH increased by 6.1% and 5.0% respectively, ADA witnessed a decline of 1.6%.
Decentralized finance (DeFi)
The DeFi market continued its upward trend in total value locked (TVL), recording a monthly gain of 14% for March 2024. Among the top ten blockchains, Solana and Base stood out with increases of 94% and 143% respectively. Largely driven by the current enthusiasm surrounding meme coins, Solana's DEX volume reached a new record of $60 billion. A similar trend was seen at Base, which recorded a new top volume of $7.82 billion. As Mem coin trading has increased, the potential for these coins to be adopted on these networks has become a popular topic of discussion within the community.
TVL share on largest blockchains
Unique tokens (NFT)
Monthly NFT transaction volume
The NFT market continued its momentum in March, increasing total sales volume by 14.6% to $1.41 billion. In particular, Bitcoin-based NFT collectibles such as Ordinals and NodeMonkes saw a significant increase in sales volume, experiencing monthly increases of 170% and 140% respectively. These were the best performing sales collections of the month. In contrast, the excitement generated by Pandora, the first NFT collection to use the ERC-404 standard, waned in March, with the collection's sales volume dropping by 78%. Among the largest chains, in terms of NFT sales volume, Bitcoin led with $514 million in sales volume, followed by Ethereum with $489 million and Solana with $243 million. All other chains recorded significantly lower volumes compared to the top three chains.
Upcoming Events
Binance Research team has summarized the major events and tokens that will be unlocked in the coming month to keep users updated on the latest Web3 news. Don't forget to follow these developments awaiting the Blockchain world.
Important events in April 2024
Source: Binance Research
Largest token unlocks in USD
Binance Research
The Binance Research team is committed to providing objective, independent and comprehensive analysis of the crypto world. We publish comprehensive opinions on Web3 topics, including but not limited to the crypto ecosystem, blockchain applications, and the latest market developments.
This article is just a brief summary of the report, which includes more detailed analysis of the most important market charts of the past month. It also covers the latest on ongoing fund inflows into ETFs, Ethereum's Dencun upgrade, DEX volumes on Solana, and BTC's price movements via the Dai Accumulation Rate.
You can read this entire Binance Research report here.
Additional Reading
Disclaimer: This content is prepared by Binance Research; It is not intended to be relied upon as a prediction or investment advice, nor is it a recommendation, offer or solicitation to buy or sell any security or cryptocurrency or to adopt any investment strategy. The terms used and opinions expressed are intended to promote understanding and prudent development of the industry and should not be construed as the opinions of Binance or strict legal opinions. The opinions expressed are valid as of the date shared above and are the author's own opinions. These ideas may also change if conditions change in the future. The information and opinions contained in this material are obtained from proprietary and non-proprietary sources that Binance Research deems reliable, may not be complete, and its accuracy is not guaranteed. Therefore, no warranty is given as to accuracy or reliability, and Binance accepts no liability whatsoever (including liability to any person for negligence) arising from errors or omissions. This material may contain "forward-looking" information that is not based entirely on historical information. Such information may include, among other things, predictions and predictions. No guarantee is given that the predictions made will come true. Reliance on the information in this material is at the reader's sole discretion. This material is for informational purposes only and is not investment advice or an offer or solicitation to buy or sell any security, cryptocurrency or to adopt an investment strategy. No security or cryptocurrency should be offered or sold to persons in any jurisdiction where the offer, solicitation, purchase or sale is unlawful under the laws of that jurisdiction. Investing involves risk.
