12 charts review the crypto market's "strong March"

PANews

特邀专栏作者

2023-04-06 10:16 (UTC+8)

This article is about 976 words, reading the full article takes about 2 minutes

The recent performance of the encryption market is still very impressive.

AI Summary

Expand

The recent performance of the encryption market is still very impressive.

Original author:The Block Research Director @Lars

Original compilation: PANews

As far as the encryption industry is concerned, despite the impact of a series of incidents such as the unanchor of USDC and the prosecution of Binance and its CEO Changpeng Zhao by the US Commodity Futures Trading Commission, the recent performance is still very impressive. Let us use 12 charts below Interpretation of the "strong March" that just passed.

1. The adjusted total transaction volume on the chain in March increased by 48.8%, rising to 255 billion US dollars, of which the transaction volume on the Bitcoin chain increased by 48.3%, and the transaction volume on the Ethereum chain increased by 62.7%.

2. The adjusted stablecoin chain transaction volume in March increased to 823.2 billion U.S. dollars, an increase of 47.5%; the issued stable currency supply shrank slightly to 125.6 billion U.S. dollars, a decrease of about 2.3%, of which the US dollar stablecoin USDT market The market share rose to 64.1%, and USDC's market share dropped significantly to 24.6%.

According to previous reports, Circle has about US$3.3 billion in USDC reserves in Silicon Valley Bank, and due to the bankruptcy of Silicon Valley Bank in March, USDC once had a problem with de-pegging from the US dollar, but it was quickly resolved.
12 charts explain the encryption industry's "strong March"

3. Bitcoin miners’ revenue also increased significantly in March, up 20.5% to $755.4 million, while Ethereum staking revenue increased by 19.4% to $125.1 million. The Ethereum Shanghai-Capella mainnet upgrade is expected to take place on April 12, when pledged ETH will be allowed to be withdrawn.
12 charts explain the encryption industry's "strong March"

4. In March, a total of 92,057 ETHs were destroyed on the Ethereum network, worth $158.7 million. The data shows that Ethereum was in a state of deflation throughout March. In addition, since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 3.04 million ETH, worth about $9.17 billion.
12 charts explain the encryption industry's "strong March"

5. In March, the transaction volume of the NFT market on the Ethereum chain decreased to approximately US$1.37 billion, a drop of 26.32%. It is worth mentioning that, thanks to the successful issuance of BLUR tokens, the new NFT market Blur has surpassed OpenSea for the second time in terms of monthly transaction volume and other indicators.
12 charts explain the encryption industry's "strong March"

6. The spot transaction volume of compliant centralized exchanges (CEX) increased by 7% in March to approximately $712.6 billion.
12 charts explain the encryption industry's "strong March"

7. The market share rankings of major cryptocurrency exchanges in March are as follows: Binance is 78.1%, Coinbase is 6.9%, Kraken is 3.9%, and Binance US is 2.5%.
12 charts explain the encryption industry's "strong March"

8. The average daily transaction volume of Grayscale’s Bitcoin Trust Fund GBTC increased by 67.6% in March to $55 million, the highest since December 2022.

12 charts explain the encryption industry's "strong March"
9. In terms of encryption futures, the open interest of Bitcoin futures rose by 7.1% in March, while the open interest of Ethereum futures fell by 5.8%; in terms of futures trading volume, the monthly trading volume of Bitcoin futures was at March's increase was about 64.7% to $1.26 trillion.
12 charts explain the encryption industry's "strong March"
10. In March, the open interest of CME Bitcoin futures increased by 15.3% to US$2.09 billion, and the average daily turnover increased by 16.5% to US$1.45 billion.
12 charts explain the encryption industry's "strong March"
11. In March, the average monthly trading volume of CME Group’s Ethereum futures reached US$659 billion, an increase of 32.1%.
12 charts explain the encryption industry's "strong March"