In the crypto market report prepared by the ICRYPEX Research team and covering the week of February 19 – 26, 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: February 19, 2024 .
Overview of February 19 Weekly Crypto Market Report
The past week in crypto assets was generally uncertain but ended with a loss of value. Especially in Bitcoin, we see that the 52,500-52,800 region could not be broken upwards and the week closed negatively for the first time after 4 weeks of positive closing. In this process, Ethereum and protocols running on Ethereum made stronger closings, and AI tokens were positively affected by the rally that started with NVIDIA’s balance sheet, becoming the best-performing crypto sector of the week.
While Bitcoin dominance has retreated to 52% levels due to the positive movement in Ethereum and altcoins and the horizontal movement in Bitcoin, we see that Ethereum dominance, which reached the $ 3100 region, increased from 17% to over 19% in a 2-week period. Total crypto asset market value Bitcoin While it rose to the level of 1.92 trillion dollars despite the retreat seen in , we can say that DeFi protocols have also gotten rid of the negative image they have shown since the beginning of the year, with a 30% increase seen in the last 3 weeks.
While some profit-taking was seen in ETF performances, which was the main headline of the previous week, this continued to be one of the important factors in BTC pricing. Regarding ETF inflows, JPMorgan analysts wrote last week that the correlation between ETF inflows and BTC pricing has begun to decline, which may indicate that we need to return to a new perspective in terms of pricing. According to Bloomberg data, the inflow amount of 683 million dollars, although it seems weak compared to the 2 billion dollars seen in the previous week, can still be considered one of the indicators that the positive outlook and appetite continues.
Those who want to get more comprehensive information about the week covering February 19 – 26 can review Weekly Crypto Market Reports: February 19, 2024 .
