The cryptocurrency market continued to grow in March, with the majority of industry indicators reaching historic highs. This article will interpret the state of the cryptocurrency market over the past month using 12 charts.
1. In March, the total transaction volume on the Bitcoin and Ethereum blockchains increased by 59.3%, reaching $587 billion. The adjusted on-chain transaction volume of Bitcoin increased by 59.5%, while Ethereum’s on-chain transaction volume increased by 59.1%.
2. The adjusted on-chain transaction volume of stablecoins in March showed 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, USDT accounted for 76.3% of the market share, while USDC’s market share slightly increased to 19.7%.
3. Bitcoin miner revenue grew to $2.01 billion in March, reaching a historic high with a growth rate of 44.9%. Additionally, Ethereum staking income experienced a significant growth of approximately 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 around $11.84 billion.
5. The trading volume of NFTs on the Ethereum blockchain decreased by 3.6% in March, reaching approximately $726 million.
6. Spot trading volume on compliant 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 cryptocurrency futures, the open interest of Bitcoin futures increased by 33.2% in March, while Ethereum futures open interest increased by 18.6%. As for futures trading volume, Bitcoin futures saw a growth of 80.8% in March, reaching $2.02 trillion.
9. The CME Bitcoin futures open interest grew by 49.5% in March, reaching $11.7 billion, setting a new record. The daily average volume also increased by 114.8% to approximately $6.8 billion, also a historic high.
10. The monthly trading volume of Ethereum futures rose 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 open interest of Ethereum options decreased by 6.6%. Additionally, both Bitcoin and Ethereum options trading volumes reached historic highs on March 29. Bitcoin options trading volume reached a new high of $46.75 billion, with an increase of 18.5%, while Ethereum options trading volume reached a new high of $20.99 billion, with an increase of 23.6%.
This article is sourced from The Block and translated, compiled, and written by PANews.
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