In the crypto market report prepared by the ICRYPEX Research team and covering the week of March 4 – 11, 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 4, 2024 .
Overview of March 4 Weekly Crypto Market Report
We encountered very sharp and large-volume movements in crypto assets in the week of March 4-11, when we were one week closer to halving and Dencun. Bitcoin, which tested the ATH level of $ 69,000, dropped to $ 59,000 immediately after this test on Tuesday and then returned to the $ 67,000 region. Thus, we saw the liquidation of a total position of 820 million dollars. Afterwards, Bitcoin, which rose steadily throughout the week, reached $ 71,800 on Monday morning and renewed its ATH level. In this process, Bitcoin achieved a new record by increasing its market value to 1.409 trillion dollars. The entire cryptocurrency market value managed to rise to the level of 2.60 trillion dollars.
While Bitcoin increased its dominance to 53.86% during this period of positive divergence, Ethereum’s dominance remained in the range of 18.00%-19.00% as the $ 4000 level could not be broken shortly before the Dencun Upgrade. In particular, the appreciation of memecoins and AI projects as of Wednesday also provided a positive outlook for the market value of altcoins.
As for Layer-2 projects, Arbitrum, which is approaching a $2.3 billion unlock, continues its horizontal movement, while projects such as MATIC and Optimism closed the week with value gains. After the Dencun development that will take place on Wednesday, some sales pressure may be encountered in these projects. Apart from Arbitrum, other projects that will perform major unlocks in the next 10 days appear to be AVAX, APTOS, IMX and UNI. It would be normal to encounter some negative divergence in the coins of these projects.
It was observed that there was a record level of inflows into crypto asset funds with 2.7 billion dollars in ETF inflows and outflows. Last week, when the volume record in Bitcoin ETFs was broken twice, the total inflow amount exceeded 9 billion dollars, while the AUM value of BlackRock’s IBIT fund rose to 195,000 Bitcoins and managed to leave MicroStrategy behind in this field. Grayscale, on the other hand, managed to reduce the amount of Bitcoin to 400,000 with the outflows it saw. On January 11, the day the ETFs were approved, Grayscale held 622,000 Bitcoins under GBTC.
Those who want to get more comprehensive information about the week covering March 4 – 11 can review Weekly Crypto Market Reports: March 4, 2024 .
