Crypto Market Update: March 22, 2024
Crypto Market Update: The crypto market has seen a significant surge in 2024, with Bitcoin and Ethereum trading at new 52-week highs. The market momentum has been driven by the launch of the first spot Bitcoin ETFs and the upcoming halving event for Bitcoin.
However, the market has experienced a slight dip in recent days, with Bitcoin dropping approximately 7% to around $62,650 and Ethereum’s native token, Ether, down by around 8% to $3,200. The total market capitalization has fallen by 7.68% to $2.27 trillion on March 19.
Top Crypto Narratives:
Layer 1s: Solana is leading the interest in chain-specific narratives, with its proof-of-stake (PoS) layer-1 (L1) blockchain protocol, Cardano (ADA), outshining Ethereum (ETH) in developer activity.
Recent News Impact:
The decline in the cryptocurrency market capitalization coincides with the largest single-day outflow ever recorded from Bitcoin exchange-traded funds (ETFs)11. Grayscale Bitcoin ETF experienced outflows worth $642.5 million on March 18, while Fidelity’s Bitcoin ETF saw its lowest inflow day on record at $5.9 million.
Bitcoin & Market Cap:
Bitcoin’s current price is around $62,650, and it has experienced a 45% overall gain year-to-date2. The global cryptocurrency market capitalization is currently $2.27 trillion.
Top Gainers & Losers:
| Rank | Coin | Price Change (24h) |
|---|---|---|
| 1 (Gainer) | Cosmos (ATOM) | +18.42% |
| 2 (Gainer) | Chainlink (LINK) | +16.73% |
| 3 (Gainer) | Polkadot (DOT) | +15.19% |
| 1 (Loser) | Decentraland (MANA) | -6.28% |
| 2 (Loser) | Axie Infinity (AXS) | -5.71% |
| 3 (Loser) | The Sandbox (SAND) | -5.14% |