Binance Research, the cryptocurrency exchange's research arm, has produced a monthly report on the state of the crypto market.
According to the press release, positive dynamics were observed in the cryptocurrency market in March. Experts noted an increase in market capitalization by 16.3%.
The cryptocurrency market capitalization grew by 16.3% in March. Data: Binance Research.
Despite the fact that capital inflows into spot Bitcoin ETFs slowed somewhat in the second half of the month, this did not stop the funds from continuing to demonstrate positive dynamics. They have attracted more than $12 billion in net investment since January 2024, according to Binance Research.
Experts reported a significant increase in the value of assets included in the top 10 cryptocurrencies by capitalization. In particular, Shiba Inu (SHIB), Toncoin (TON) and Dogecoin (DOGE) saw monthly growth of 137.7%, 111.9%, and 70.1%, respectively.
Top 10 crypto assets by capitalization indicator. Data: Binance Research.
In turn, Solana (SOL) and BNB rose by 54.7% and 50.4%, respectively. Against the backdrop of these indicators, Bitcoin continued to grow and reached a new high of more than $73,000.
The decentralized finance (DeFi) market showed significant progress in March 2024. According to analysts, the total value locked (TVL) of this sector increased by 14%. Among the blockchains, Solana and Base stand out, their TVL increased by 94% and 143%, respectively.
Solana has reportedly set a new record for trading volume on decentralized exchanges (DEXs). This figure reached $60 billion.
Indicators of TVL Solana, Base and other networks. Source: Binance
According to Binance, the popularity of memcoins was a key factor contributing to the growth of activity in Solana, Base and several other networks.
In turn, the non-fungible token (NFT) market also showed positive trends with an increase in total sales by 14.6%, which reached $1.41 billion. The Ordinals and NodeMonkes collections showed the greatest dynamics.
NFT trading volume. Source: Binance Research
Source: Cryptocurrency
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