Key takeaways
This blog post gives you an overview of the latest report from Binance Research on recent developments in the crypto market over the past month.
The month of March 2024 was once again beneficial for cryptos, with a 16.3% increase in total market capitalization as BTC broke new records by surpassing $73,000 twice.
The DeFi market also maintained its upward trend, and its TVL increased by 14% this month. Similar trends were seen in the NFT market, with monthly trading volume increasing 14.6% to $1.41 billion.
Binance Research lets you benefit from cutting-edge analytics on the processes shaping Web3. By disseminating this information, we intend to bring to our community the latest discoveries of crypto researchers.
Today we present to you the main Web3 developments occurring throughout the month of March 2024 to give you an overview of the current state of the ecosystem. We will analyze the performance of the crypto, DeFi and NFT markets before marking our calendars with the major events for the month of April.
Crypto market performance in March 2024
The crypto market maintained its bullish momentum in March and ended the month with a 16.3% increase in total capitalization. Bitcoin price hit a new all-time high and topped $73,000 twice before reversing course, falling as low as $60,000. Although BTC Spot ETF inflows slowed during the second half of March, these new instruments still managed to attract over $12 billion in net inflows since their launch in January. As April begins, we are less than 20 days away from the Bitcoin halving, one of the most anticipated events in the crypto sector. Bitcoin will likely continue to attract the attention of market participants, and will certainly experience the volatility in price movements that characterizes this event.
Monthly variation in the capitalization of cryptocurrencies (%)
Source : CoinMarketCap (31 mars 2024)
Monthly price performance of the top ten cryptos by capitalization
The price of most of the ten best cryptocurrencies by capitalization evolved positively in March, following the upward momentum of the market started in previous months. SHIB, TON and DOGE were the brightest with gains of 137.7%, 111.9% and 70.1% respectively from the previous month. Meme coin trading has recently gained momentum thanks to the popularity that these tokens have gained on various networks such as Solana and Base: factors such as price volatility and the penchant for a low unit price have pushed traders to speculate on these cryptocurrencies.
SOL and BNB recorded notable increases and ended the month with respective price increases of 54.7% and 50.4%. SOL's performance was impressive throughout March: the token broke a new record in terms of capitalization and decentralized exchange (DEX) volume of $74.5 billion. After its recent explosion, BTC slowed down the pace by posting a remarkable increase of 13.9%, even breaking historical records by exceeding the $73,000 mark twice. XRP, ETH and ADA are the worst performers of the month in terms of price: that of the first two increased by 6.1% and 5% respectively, while that of ADA fell by 1.6 %.
Decentralized finance (DeFi)
The total value locked (TVL) of the DeFi market continued its upward trend in March, with a gain of 14% compared to the previous month. Among the top ten blockchains, Solana and Base stood out with increases of 94% and 143%, respectively. Solana DEX volume has reached an all-time high of US$60 billion, a feat driven in large part by the frenzy surrounding meme coins. A similar trend was seen on Base, which also saw a peak of $7.82 billion in volume. As meme coin trading gains momentum, the potential for these cryptocurrencies to drive adoption on these networks has become a popular topic of discussion within the community.
TVL of the most efficient blockchains
Non-fungible tokens (NFT)
Monthly NFT trading volume
The NFT market also maintained its upward trend in March, and its total sales volume increased by 14.6% this month to $1.41 billion. The sales volume of NFT collections on Bitcoin, such as Ordinals and NodeMonkes, notably increased significantly compared to the previous month: +170% and +140% respectively, making these the highest selling collections efficient. In contrast, hype surrounding Pandora, the first NFT collection using the ERC-404 standard, died down in March, leading to a 78% drop in the collection's sales volume. Regarding the sales volume of NFTs on major blockchains, Bitcoin led with a sales volume of $514 million, closely followed by Ethereum ($489 million) and Solana ($243 million). The volumes of all other blockchains have been significantly lower than these.
Upcoming events
To help you stay up to date with the latest Web3 news, the Binance Research team has summarized the main events in the blockchain universe and the upcoming token releases not to be missed in the coming month.
Highlights of April 2024
Source : Binance Research
The main releases of tokens in US$
Binance Research
The Binance Research team is committed to producing objective, independent and comprehensive analyzes of the crypto world. She publishes insightful thoughts on Web3 topics, including (but not limited to) the crypto ecosystem, blockchain applications and the latest market news.
This article was just a preview of the full report which contains additional analysis of key market charts for the past month. He also delves into recent BTC price movements as ETF inflows grow, Ethereum's Dencun upgrade, Solana DEX volumes, and Dai savings rates.
Read the full version of this Binance Research report here.
For more information
Binance Research: The dominant trends in the crypto sector in March 2024
Lessons from history: retrospective of Bitcoin halvings and sector dynamics
Binance Research: the dominant trends in the crypto sector to follow closely in 2024
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