Crypto:
30349
Bitcoin:
$64.271
% 0.16
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.271
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

According to JPMorgan, Crypto Volumes Doubled in March

Crypto Market, Crypto, Bull

March saw significant increases for cryptocurrencies, nearly doubling trade volumes to an all-time high as the top coins reached previously unexplored heights and altered the dynamics of the crypto market.

Crypto Market’s Performance in March

In a research report, JPMorgan (JPM) stated that the capitalization of the cryptocurrency market increased by 19% in March, indicating that growth is still occurring, but more slowly than in February. Although the market capitalization growth of altcoins exceeded that of established assets such as Bitcoin and Ethereum, the ecosystem as a whole experienced double-digit growth.

According to the research, “the ecosystem rallied +19% in March, and the total crypto market capitalization remained above the $2.0tr threshold throughout the month and even eclipsed $2.6tr mid-March before settling towards month-end at ~2.5tr.”

About Bitcoin and Bitcoin Mining

Although Bitcoin reached a new all-time high of nearly $73,000 in the middle of the month, net flows into spot Bitcoin ETFs remained net positive in March but fell to $4.6 billion from February’s $6.1 billion. ETF inflows rose as a result of the initial spike in price of Bitcoin; but after peaking, the price of Bitcoin started to move sideways, seemingly reversing the trend.

According to JPMorgan, the profitability of bitcoin mining increased by an estimated 33% in March. This was caused by an average monthly gain in Bitcoin prices of 37%, which exceeded the growth in network hashrate. But because of the impending halving, which will lower the block reward from 6.25 to 3.125 Bitcoin, profitability is predicted to drop in April.

READ:  Luxor and Bitnomial Introduce Bitcoin Mining Derivative Product on Bitnomial Exchange

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