Binance Research: March encryption trend and great event fast view

Author: Binance Research Team, Translation: Bit Chain Vision Xiaozou

Key points:

This article discusses the key development developments of the encryption market in the past month.
In February 2024, the development of cryptocurrencies was strong, and the total market value increased by 40%. With the continuous inflow of the spot Bitcoin ETF, the price of Bitcoin gradually approached historical highs.
The Defi market also showed strong performance data, and TVL increased by 50%.NFT市场的涨幅不太明显，月度交易量增长了3.3%，增长至12.3亿美元。

This article will discuss the main development of Web3 in February 2024, so that you can understand the current state of the ecosystem.We will first analyze the performance of cryptocurrencies, DEFI and NFT markets, and then predict what important events will occur in March 2024.

1、2024年2月加密货币市场表现

February 2024 was a month when the cryptocurrency market was extremely strong, and the total market value increased by 40%.The American spot Bitcoin ETF launched in January this year has so far been a huge success and continues to attract the inflow of funds into the cryptocurrency market.Analysis of ETF traffic data in February showed that the inflow of net funds exceeded $ 4.9 billion, and GrayScale’s funds outflows were significantly reduced from January.In the next few weeks, the market is expected to turn the focus to the spot ETH ETF that may be launched, but it will remain to be observed whether they will be approved.

下图显示了加密货币市值月度变化(%)

下图为市值排名前10位的代币月度价格表现

In February, the prices of all the top ten cryptocurrencies showed significantly, reflecting the upward trend of the market.Doge, BTC, and ETH led the monthly increases of 46%, 45.5%, and 44.5%, respectively.Increased speculative desires caused by market bullishness are often beneficial to the rise of MEME coins, and DOGE prices are outstanding. Other popular tokens such as Shib, Bonk, PEPE and WIF follow closely behind.Nevertheless, Bitcoin is still the focus of people’s attention. The price level at the end of the month is $ 62,500, only 10%from the historical high 69,000 US dollars (as of the writing of this article as of March, the historical high will be surpassed and at least two updates will be updated twice.To.

Decentralization Finance (DEFI)

As the market soared, Defi’s total locking value (TVL) also showed a significant growth throughout February, with a monthly increase of 50%.Among the top ten blockchain in TVL, Ethereum’s performance is particularly prominent, with an increase of 57%, while the increase in other blockchains is relatively milder, between 20%and 30%.

It is worth noting that the trading volume of DEFI derivatives reached a monthly historical high of $ 208 billion, an increase of 62%over January.The surge in derivative transactions not only marks the return of market speculation, but also reflects the growth of DEFI derivative infrastructure in the past few years.In addition, in February, liquidity recreation narratives are still strong, such as Puffer, Renzo, Ether.fi, and Kelpdao’s monthly TVL increases are 1247%, 311%, 229%, and 142%, respectively.

The figure below shows the TVL share of the main blockchain

The following figure is NFT monthly transaction volume

In February 2024, the NFT market was relatively stable, and the monthly transaction volume increased by 3.3%over January to US $ 1.23 billion.Pandora是首个使用ERC404标准的NFT系列，似乎成为了关注焦点。It was launched on February 2nd, and the turnover of the month was US $ 147 million, which was the highest in all NFT series.ERC404 is an unofficial experimental token standard, which aims to combine the characteristics of alternative tokens and NFT.

Regarding the NFT sales of top blockchain, Ethereum increased by 55%in February, while Bitcoin fell by 10%, and continued to slow from January.Polygon’s transaction volume reversed the soaring in the previous month to a large extent, and fell 70%at the close in February.

2、即将到来的事件预测

In order to help users understand the latest web3 news dynamics, the Binance Research Team summarized the events and token unlocking worthy of attention in the next month.Please pay attention to what is about to happen in the blockchain field.

The figure below is an important event in March 2024