The cryptocurrency market continued its growth trend in March, with the majority of industry indicators reaching all-time highs. This article will interpret the cryptocurrency market conditions of the past month through 12 charts. The source of this article is The Block’s research director Lars’s X platform, translated, organized, and written by PANews.
(Meanwhile:
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)
(Background:
Countdown to Bitcoin Halving: 6 Key Observations You Need to Know
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In March, the total transaction volume on the Bitcoin and Ethereum blockchains increased by 59.3%, reaching $587 billion after adjustments. The adjusted on-chain transaction volume of Bitcoin increased by 59.5%, while Ethereum’s on-chain transaction volume saw a growth rate of 59.1%.
2. 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 supply of issued stablecoins also increased by 6.2%, reaching $137.4 billion. Among them, the market share of the US dollar stablecoin USDT accounted for 76.3%, while the market share of USDC slightly increased to 19.7%.
3. Bitcoin miner revenue grew to $2.01 billion in March, reaching a historical high with a growth rate of 44.9%. Additionally, Ethereum staking revenue experienced significant growth, reaching approximately 44.5% and totaling $309.3 million.
4. 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, valued at around $11.84 billion.
5. The trading volume of NFTs on the Ethereum blockchain declined by 3.6% in March, reaching approximately $726 million.
6. Spot trading volume on compliant centralized exchanges (CEX) continued to rise in March, with a staggering growth rate of 115.8%, reaching $1.44 trillion.
7. The market share rankings of major cryptocurrency exchanges 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%.
8. In terms of cryptocurrency futures, the open interest of Bitcoin futures increased by 33.2% in March, while Ethereum futures open interest increased by 18.6%. As for futures trading volume, Bitcoin futures saw a growth rate of 80.8% in March, reaching $2.02 trillion.
9. In March, the CME Bitcoin futures open interest grew by 49.5%, reaching $11.7 billion, setting a new record. The daily average volume increased by 114.8%, reaching approximately $6.8 billion, also a historical high.
10. The monthly trading volume of Ethereum futures in March increased to $893.8 billion, with a growth rate of 60.9%.
11. In terms of cryptocurrency options, the open interest of Bitcoin options decreased by 1.9% in March, while the Ethereum options holdings also declined by 6.6%. Furthermore, 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 a growth rate of 18.5%. Ethereum options trading volume reached a new high of $20.99 billion, with a growth rate of 23.6%.
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