As revealed in the latest Binance Research report, March 2024 was another prosperous month for the crypto market. The total market capitalization rose by 16.3%, with BTC exceeding an all-time high of $73,000 twice within the month.
The DeFi market increased by a steady 14% in TVL, while the NFT market saw a 14.6% rise in monthly trading volume equating to $1.41 billion. These advancements illustrate the continued dynamism of the Web3 ecosystem.
Bitcoin's unwavering strength in March saw a new record high setting in twice, even though there was a slowdown of capital inflows into the spot BTC ETFs in the month's latter half. As April is just around the corner with less than 20 days to the next Bitcoin halving, anticipated market focus and volatility around Bitcoin is expected to persist.
In March, among top cryptocurrencies by market capitalization, SHIB, TON, and DOGE made significant strides with gains of 137.7%, 111.9%, and 70.1%, respectively. Moreover, SOL and BNB reported good gains, and BTC hit a new all-time record.
On the DeFi side, TVL saw a 14% growth with leading blockchains, Solana and Base, showing monstrous increases of 94% and 143%, respectively. The NFT market also sustained its progress, recording $1.41 billion in total sales volume.
In the coming days, the blockchain space is set to witness notable events and token unlocks, highlighting the dynamic nature of the crypto world. Ongoing advancements and predictions paint a vibrant picture for crypto, DeFi, and NFT markets as we move deeper into 2024.
