In the crypto market report prepared by the ICRYPEX Research team and covering the week of February 26 – March 4, 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 26, 2024 .
Overview of February 26 Weekly Crypto Market Report
Crypto assets continued to rise last week, and most cryptocurrencies gained value in general. In particular, the upward movement in Bitcoin, which started with the break of the $ 52,200 level, continued throughout the week and closed at $ 63,100 on Sunday. On the Ethereum side, the rise gained momentum after exceeding the $ 3000 level, which we follow as the resistance zone, and this movement continued up to the $ 35,000 level. In other major altcoins, while Avax tested the $ 45 level, Solana continued its movement up to the $ 136 level.
When we examine the dominance, even though Bitcoin dominance exceeded the 55% level, it closed the week at 53.80% with the strong performance of Ethereum. Ethereum dominance closed the week at 18.20%. When we examine the market values, Bitcoin, which exceeded the level of 1 trillion dollars, continued its trend and reached the level of 1.3 trillion dollars. The total cryptocurrency market value increased by 2% last week to 2.4 trillion dollars.
When we examine the ETF side, we see that inflows and transaction volumes continue to increase. Total transaction volume in spot Bitcoin ETFs has exceeded $70 billion since the first trading day. Even though the outflows in Grayscale have increased again, we see that net inflows continue due to the high inflows in BlackRock and Fidelity. Additionally, BlackRock’s IBIT ETF became the first Bitcoin ETF to exceed $10 billion in assets under management. It continued its appearance as the most remarkable ETF by breaking a record among Bitcoin ETFs with $6 billion per day in transaction volumes.
Those who want to get more comprehensive information about the week covering February 26 – March 4 can review Weekly Crypto Market Reports: February 26, 2024 .
