The cryptocurrency market continued to grow in March, with the majority of industry indicators reaching new all-time highs. This article will interpret the market conditions of the past month through 12 charts.
1. In March, the total on-chain transaction volume of Bitcoin and Ethereum increased by 59.3%, reaching $587 billion. The on-chain transaction volume of Bitcoin increased by 59.5%, while Ethereum saw a 59.1% increase.
2. The adjusted on-chain transaction volume of stablecoins 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% to $137.4 billion. Among them, USDT accounted for 76.3% of the market share, while USDC’s market share slightly increased to 19.7%.
3. Bitcoin miner revenue in March reached $2.01 billion, setting a new record high with a growth rate of 44.9%. Additionally, Ethereum staking revenue saw a significant increase of about 44.5%, reaching $309.3 million.
4. In March, the Ethereum network burned 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, worth about $11.84 billion.
5. The trading volume of the NFT market on the Ethereum blockchain decreased by 3.6% in March, reaching approximately $726 million.
6. Spot trading volume on centralized exchanges (CEX) continued to rise in March, with an astonishing growth rate of 115.8%, reaching $1.44 trillion.
7. The market share rankings of major cryptocurrency exchanges in March are as follows: Binance at 78.5% (an increase compared to January and February), Coinbase at 10.9%, Kraken at 3.4%, and LMAX Digital at 1.3%.
8. In terms of futures, the open interest of Bitcoin futures increased by 33.2% in March, while Ethereum futures open interest increased by 18.6%. Bitcoin futures trading volume grew by 80.8% in March, reaching $2.02 trillion.
9. In March, the CME Bitcoin futures open interest increased by 49.5% to $11.7 billion, setting a new record high. The daily average volume also rose by 114.8% to approximately $6.8 billion, also a historical high.
10. The monthly trading volume of Ethereum futures increased to $893.8 billion in March, 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 Ethereum options holdings decreased by 6.6%. Moreover, both Bitcoin and Ethereum options trading volume reached new highs on March 29. Bitcoin options trading volume reached a new high of $46.75 billion, with an 18.5% increase, while Ethereum options trading volume reached $20.99 billion, with a 23.6% increase.
This article is sourced from The Block and is a comprehensive analysis of the cryptocurrency market over the past month.