News recap: BTC price keeps hitting new all-time highs

Crypto market in numbers

The cryptocurrency market capitalisation has seen a significant surge, climbing by 40.6% to $2.77 trillion, just 7.2% shy of its historical peak. Since October 2023, the crypto market capitalisation has been on an exponential rise.

Trading activity has hit a three-year peak. Since 23rd February, average daily volumes have surged by 92.9% to $134.44 billion. The peak occurred on 6th March, reaching $264.28 billion. March has already emerged as the top month of the year in terms of trading volumes on crypto exchanges.

The Fear and Greed Index for cryptocurrencies has mostly lingered in the “Extreme Greed” zone, with the index staying above 80 points and peaking at 90 points. Such levels haven’t been seen since February 2021.

Cryptocurrency volatility has once again seen a noticeable uptick. Since 23rd February, the 30-day BTC volatility index has risen by 44.5%, from 1.37% to 1.98%. Similarly, the ETH volatility indicator increased by 8.6%, from 1.38% to 1.50%.

Following a brief consolidation, the crypto market has shown remarkable growth since 23rd February. Bitcoin has hit a new all-time high, surpassing $73,000, while ETH is trading around $4,000. The primary driver of this surge has been bitcoin, with altcoins still trailing behind.

With the crypto market enjoying its best performance in history over seven months of consecutive growth, we may see a couple more bursts of price acceleration before the market takes a breather. A minor correction might help stabilise the trend.

All Time High

Gainers (28th February – 12th March)

Losers (28th February – 12th March)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (28th February – 12th March)

Top crypto market driving factors

Overall сrypto market

▲ 26.02.2024 – There are initial signs of capital inflow into blue-chip altcoins such as ethereum, solana, polkadot and cosmos, as reported by Glassnode.

▲ 29.02.2024 – Crypto trading volume increased by 114% in a week, while the market cap by 12%, according to Santiment.

▼ 02.03.2024 – Grayscale predicts rising inflation may prompt the Federal Reserve to raise interest rates, potentially slowing crypto growth.

▲ 04.03.2024 – Since 24th February, 2024, the stablecoin market’s value has increased by $3.26 billion, with Tether’s circulating supply near $100 billion.

▼ 05.03.2024 – The Cryptocurrency Fear and Greed Index hits 90 (Extreme greed).

▼ 06.03.2024 – $1.14 billion in long and short positions were liquidated in 24 hours, with $800 million for long positions.

Bitcoin (BTC)

▲ 26.02.2024 – MicroStrategy bought ~3000 BTC between 15th and 25th February 2024.

▲ 26.02.2024 – 95% of bitcoin addresses are in profit.

▼ 29.02.2024 – JPMorgan suggests BTC price may drop to $42,000 after the halving event.

▲ 03.03.2024 – Bitcoin balances on non-exchange platforms reached their lowest level since the fourth quarter of 2018.

▲ 09.03.2024 – According to Yahoo Finance, bitcoin ETF trading volume exceeds $100 billion.

▲ 11.03.2024 – Bitcoin surpasses silver in terms of market cap.

▲ 12.03.2024 – Net inflow into bitcoin ETF exceeded $1 billion.

▲ 12.03.2024 – There is historically strong inflow into Bitcoin. According to CryptoQuant data, inflows of this scale have usually been signs of continued significant bullish trends.

▲ 13.03.2024 – Glassnode notes, that bitcoin has entered a phase of euphoria.

▲ 13.03.2024 – BlackRock increased the number of bitcoins on its balance sheet to 215,625 coins for its spot bitcoin ETF.

Ethereum (ETH)

▲ 24.02.2024 – Outflows of ETH from centralised exchanges continue. Based on CryptoQuant data, 800,000 ETH has been withdrawn since the beginning of the year.

▼ 05.03.2024 – The decision on the application for the launch of an ethereum ETF has been postponed again.

▲ 13.03.2024 – The Dencun upgrade has been activated on the Ethereum network. Transaction fees on L2 chains will now be significantly lower.

Solana (SOL)

▲ 23.02.2024 – The volume of NFT transactions based on the Solana network has exceeded $5 billion.

▲ 12.03.2024 – The daily number of new addresses in the Solana blockchain reached a record high of over 691,000.

Toncoin (TON)

▲ 28.02.2024 – Telegram channel owners will be able to receive financial rewards for their work. As Pavel Durov said, the TON blockchain and Toncoin will be used for this.

▲ 07.03.2024 – The TON Fund received an $8 million investment from Mirana Ventures.

▲ 07.03.2024 – Pavel Durov stated that Telegram has been preliminarily valued at $30 billion ahead of a possible IPO. In light of this, the price of Toncoin exceeded $3.

▲ 13.03.2024 – TON announced a partnership with Fireblocks and DWF Labs.

TRON (TRX)

▲ 28.02.2024 – There are already over 95 million addresses in the TRON network.

▲ 07.03.2024 – According to the data from IntoTheBlock, the TRON network has over 10 times more addresses containing USDT than other major L1 networks.

Uniswap (UNI)

▲ 23.02.2024 – The Uniswap Foundation proposes to introduce a new mechanism that will reward holders of UNI tokens delegated on the platform with commissions.

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