March Madness Came Early
growth bites, charts, and musings.
It’s the 46th edition of The Gems Corner, and today we will be scrutinizing the market, its major developments, and other gems.
We may forgive ourselves for owning a market dullard when the rest of the market is also in the doldrums, but it is disheartening to see one's favorite resting as quietly as a castor-oil bottle while the rest of the market goes gaily upward.
- Fred C. Kelly
The month of February was indeed thrilling and littered with excitement and massive gains. We saw new highs, inflows, green charts, and an exodus of newcomers into the industry.
With further ado, let’s look at some charts and metrics.
1. Crypto & DeFi
The Crypto industry smashed $2.42 Trillion in the market, recording a 114.72% YOY change. To think that Crypto hit and exceeded $2T in a month is surreal - a crystal indication of market recovery.
Additionally, DeFi broke a new ATH recently, hitting $90B in the market. If you’d recall, DeFi has been struggling between $35-$50B for the last two years, and all of this changed in just two months. You’re not bullish enough.
2. Bitcoin and Ethereum
Bitcoin and Ethereum were not left out of the party. $BTC smashed $62k, while $ETH smashed $3.5k: both recording new high since 2021. This shows that the Bitcoin ETFs playbook is really working out well, and the market in general, as we are seeing new inflows and interests.
3. Bitcoin ETFs
It is safe to say that Bitcoin ETF is melting faces, and the beauty of it is that it was worth the hype. Yesterday, 28th February, Spot Bitcoin ETFs recorded their biggest day in trading volume - $7.5 billion.
Only a matter of time before Bitcoin catches up with Microsoft, whose daily trading volume is around $10 billion. Finally, the world is waking up to the possibilities of the greatest internet magic money.
With the success of Bitcoin ETF imagine what happens when Ethereum ETF is approved. Exciting times ahead.
4. Coinbase App
The downloads of Coinbase went off the roof in February, indicating a mass influx of new users to the crypto industry. The upward price movements are attracting new users to the industry, and capital injection. I’m expecting this number to rally even further as we enter the thick of the bull market.
Buckle up lad, the market is set to run.
Image of the day
Meme coins will be the new altcoins of this cycle.
Historically, meme coins are usually the biggest runners in bull markets, and this cycle it’ll be even bigger. Throughout February, the top gainer’s chart is dominated by meme coins, not just new ones, but old ones making a comeback. Keep a close eye on them.
Alpha Bites and Tweets
Aethir announces Node sale - link
Babylon testnet goes live - link
Parcel announces $PRCL airdrop - link
Shuffle announces $SHFL airdrop - link
That’s a wrap.
Thanks for reading!
Until next Friday,
Viktor DeFi.
PS: I’d love to hear your feedback and comments.