In the crypto market report prepared by the ICRYPEX Research team and covering the week of March 11 – 18, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: March 11, 2024 .
Overview of March 11 Weekly Crypto Market Report
Last week was a busy week with important macro data being released and also the Dencun upgrade taking place on Ethereum. We encountered many sharp and harsh price movements in this busy week.
While Bitcoin closed the week at $68400, it tested the highest level of $73777 and the lowest level of $66800. On the weekly chart, we saw that an indecisive candle formed in this region last week, following the previous week’s close above the all-time-high level.
In this process, Bitcoin broke a new record by surpassing silver in terms of market value. The value of the entire cryptocurrency market tested the level of 2.7 trillion dollars. Bitcoin dominance closed the week at 53.47% dollar level with a slight retreat. Another important development for the crypto market took place in Ethereum. The long-awaited Dencun upgrade was successfully implemented on the Ethereum network on Wednesday. Ethereum, which had a volatile week just like Bitcoin, had a red weekly close for the first time since the week of January 29. We saw that Ethereum tested the $4000 level and could not sustain above it.
While some sectoral activity continued in Layer-1, AI and memecoins, on the DeFi side, Maker showed a strong performance and exceeded the $ 3000 level. Additionally, there was a major unlock on the Arbitrum side and saw some selling. On the ETF side, high demand continued. BlackRock maintained its position as the strongest performing ETF. Although outflows from Grayscale continued to some extent, inflows to other ETFs caused the movement to continue. Cumulative trading volume in ETFs exceeded $140 billion.
Those who want to get more comprehensive information about the week covering March 11 – 18 can review Weekly Crypto Market Reports: March 11, 2024 .
