In the crypto market report prepared by the ICRYPEX Research team and covering the week of March 18 – 25, 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 18, 2024 .
Overview of March 18 Weekly Crypto Market Report
The selling pressure that started after the renewal of the all-time peak in Bitcoin at $ 73,800, the pressure created by ETF outflows and the negative macroeconomic image that continued until Wednesday caused a general selling pressure in crypto assets.
In this process, Bitcoin retreated to the level of 60,000 dollars, while Ethereum retreated to the level of 3050, receiving a reaction from the level of 4000 dollars, where it could not break upward. Especially the negative attitude of the SEC on behalf of the Ethereum side, the lawsuit it has filed against the community and the claims that it will announce that it accepts Ethereum as a security, reveal an even more problematic picture for the already decreasing Spot Ethereum ETF acceptance possibilities.
For this reason, during this period when many altcoins with high market value remained strong against the loss of value in Bitcoin, it caused Ethereum to lose even more value. In this process, while the total market value decreased from 2.7 trillion dollars to 2.4 trillion dollars, Bitcoin market value decreased from 1.45 trillion to 1.20 trillion dollars, but it managed to close above 1.3 trillion dollars, especially with the increase it made over the weekend. In this process, L-1 projects remained strong despite the weak pricing in ETH, ensuring that Bitcoin could not increase its market dominance above 54%.
While FTM, ONDO, LDO, BCH and SKL were the 5 best performing coins of the week, Front, SRM, UNIBOT, BONE and INJ were the most devalued coins of the week. When we look at spot Bitcoin ETFs, we see that regular inflows gave way to outflows last week.
The rise to nearly $880 million seen last week was one of the main reasons for the retreat in Bitcoin. There was an outflow of $942 million from all digital asset funds in total. The outflows in GBTC were around $2 billion, causing the weekly outlook for crypto funds to be negative. During this period, inflows of 828 million dollars were seen in IBIT and 80 million dollars in FBTC. When we look at the altcoin funds, we saw outflows in BTC, ETH, SOL and ADA funds, while inflows were seen in Polkadot, XRP and LTC funds.
Those who want to get more comprehensive information about the week covering 18 – 25 March can review Weekly Crypto Market Reports: 18 March 2024 .