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The research arm of the cryptocurrency exchange Binance, Binance Research, has published its latest report, providing a comprehensive overview of significant developments in the Web3 ecosystem throughout March 2024. The report includes a detailed examination of cryptocurrencies, decentralized finance (DeFi) platforms, and NFT market performance, shedding light on key events expected to emerge in April 2024.
Bitcoin Analysis
According to the Binance Research report, the cryptocurrency market continued its upward trend throughout March, with a notable 16.3% increase in total market value. As part of this increase, the price of Bitcoin (BTC) soared to unprecedented levels, surpassing $73,000 twice, but later experienced a sharp decline.
Despite a slowdown in capital inflows to spot-based Bitcoin exchange-traded funds (ETFs) during the second half of the month, the report notes that ETFs have attracted over $12 billion in net inflows since their inception in January. Additionally, with less than 20 days to the 4th Bitcoin block reward halving, interest in narratives surrounding Bitcoin has increased.
Altcoin Market Analysis
The report indicates that the top 10 altcoins by market value experienced positive price movements in March, continuing the upward momentum captured in previous months. According to Binance Research, meme coins such as Shiba Inu (SHIB), Toncoin (TON), and Dogecoin (DOGE) led the way with significant monthly gains, driven by factors such as price volatility and speculative interest in these assets. Additionally, Solana (SOL) and BNB (BNB) saw notable rises, with SOL achieving significant performance, including reaching an all-time high in market value and decentralized exchange (DEX) volume.
On the other hand, the report also touched on the DeFi sector. Accordingly, the total value locked (TVL) in DeFi continued its upward trend, recording a 14% increase for March 2024. Solana and Base stood out among the top ten blockchain networks, with meme coin trading boosting Solana’s DEX volume to a new record.
Similarly, the NFT market maintained its momentum, with a 14.6% increase in total sales volume. Significant increases were seen in Bitcoin-based NFTs like Ordinals and NodeMonkes, while interest in NFTs based on the ERC-404 standard, such as Pandora, declined.
