March witnessed a continued growth trend in the cryptocurrency market, with the majority of industry indicators reaching new all-time highs. This article will use 12 charts to interpret the market conditions of the past month.
1. In March, the total on-chain transaction volume of Bitcoin and Ethereum, after adjustments, increased by 59.3%, reaching $587 billion. The on-chain transaction volume of Bitcoin increased by 59.5%, while Ethereum’s on-chain transaction volume saw a growth rate of 59.1%.
2. The on-chain transaction volume of stablecoins, after adjustments in March, saw a significant increase, reaching $893.8 billion, with a growth rate of 41.3%. The supply of issued stablecoins also increased by 6.2%, reaching $137.4 billion. Among them, the market share of the US dollar stablecoin USDT accounted for 76.3%, while the market share of USDC slightly increased to 19.7%.
3. Bitcoin miner revenue in March reached a record high of $2.01 billion, with a growth rate of 44.9%. Additionally, Ethereum staking revenue saw a significant increase of approximately 44.5%, reaching $309.3 million.
4. In March, the Ethereum network burned a total of 147,620 ETH, equivalent to $543 million. Data shows that since the implementation of EIP-1559 in early August 2021, Ethereum has burned approximately 4.23 million ETH, with a value of about $11.84 billion.
5. The on-chain NFT market transaction volume on the Ethereum network decreased by 3.6% in March, reaching approximately $726 million.
6. The spot trading volume of compliant centralized exchanges (CEX) continued to rise in March, with a staggering growth rate of 115.8%, reaching $1.44 trillion.
7. The market share rankings of major cryptocurrency exchanges in the spot market in March are as follows: Binance accounted for 78.5% (a slight increase from January and February), Coinbase accounted for 10.9%, Kraken accounted for 3.4%, and LMAX Digital accounted for 1.3%.
8. In terms of cryptocurrency futures, the open interest of Bitcoin futures increased by 33.2% in March, while Ethereum futures open interest increased by 18.6%. In terms of trading volume, Bitcoin futures saw a growth rate of 80.8% in March, reaching $2.02 trillion.
9. The CME Group’s Bitcoin futures open interest increased by 49.5% in March, reaching $11.7 billion, setting a new record. The daily average volume also increased by 114.8%, reaching approximately $6.8 billion, also a historical high.
10. The monthly average trading volume of Ethereum futures in March increased to $893.8 billion, with a growth rate of 60.9%.
11. In terms of cryptocurrency options, the open interest of Bitcoin options decreased by 1.9% in March, while the open interest of Ethereum options also declined by 6.6%. In addition, both Bitcoin and Ethereum options trading volumes reached new highs on March 29th. Bitcoin options trading volume reached a new high of $46.75 billion, with a growth rate of 18.5%. Ethereum options trading volume reached a new high of $20.99 billion, with a growth rate of 23.6%.
Tags: 2023 market, Ethereum, mining, options, futures, Bitcoin, miners, market.
Source link: https://foresightnews.pro/article/detail/57259
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.
Original article link: https://www.bitpush.news/articles/6565082
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