The cryptocurrency market continued to grow in March, with the majority of industry indicators reaching historical highs. This article will analyze the cryptocurrency market over the past month using 12 charts. The original article is sourced from The Block’s research director Lars’ X platform, and it has been compiled, organized, and written by PANews.
Summary:
Bitcoin first falls, then rebounds? “Smart Money” may be waiting for a bottom of $62,000 BTC.
Background:
Countdown to Bitcoin Halving: 6 Key Observations You Need to Know.
In March, the total on-chain transaction volume of Bitcoin and Ethereum increased by 59.3%, reaching $587 billion. The on-chain transaction volume of Bitcoin increased by 59.5%, while Ethereum’s on-chain transaction volume increased by 59.1%.
In March, the adjusted on-chain transaction volume of stablecoins saw a significant increase, reaching $893.8 billion, with a growth rate of 41.3%. The total supply of issued stablecoins increased by 6.2% to reach $137.4 billion. Among them, USDT accounted for 76.3% of the market share, while USDC’s market share slightly increased to 19.7%.
Bitcoin miner revenue reached a historical high of $2.01 billion in March, with a growth rate of 44.9%. Ethereum staking income also experienced significant growth, reaching approximately $3.093 billion, an increase of about 44.5%.
In March, the Ethereum network burned 147,620 ETH, equivalent to $543 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned approximately 4.23 million ETH, worth about $11.84 billion.
The trading volume of NFTs on the Ethereum network decreased by 3.6% in March, reaching approximately $726 million.
The spot trading volume of compliant centralized exchanges (CEX) continued to rise in March, with an astonishing growth rate of 115.8%, reaching $1.44 trillion.
The market share rankings of major cryptocurrency exchanges in terms of spot trading volume in March are as follows: Binance at 78.5% (an increase compared to January and February), Coinbase at 10.9%, Kraken at 3.4%, and LMAX Digital at 1.3%.
In terms of futures, the open interest of Bitcoin futures increased by 33.2% in March, while Ethereum futures open interest increased by 18.6%. In terms of trading volume, Bitcoin futures trading volume grew by 80.8% in March, reaching $2.02 trillion.
The CME Bitcoin futures open interest increased by 49.5% in March, reaching $11.7 billion, a historical high. The daily average volume also increased by 114.8%, reaching approximately $6.8 billion, also a historical high.
In March, the monthly trading volume of Ethereum futures increased to $893.8 billion, with a growth rate of 60.9%.
In terms of options, the open interest of Bitcoin options decreased by 1.9% in March, while the open interest of Ethereum options decreased by 6.6%. Additionally, both Bitcoin and Ethereum options trading volumes reached historical highs on March 29. Bitcoin options trading volume reached a new high of $46.75 billion, with an increase of 18.5%. Ethereum options trading volume reached a new high of $20.99 billion, with an increase of 23.6%.
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