Monthly Crypto Market Report Shows 50% Surge, Indicating a Promising March Madness

Bitcoin has experienced a significant surge of almost 50% in February, marking its biggest increase since May 2019. The rise in Bitcoin Spot ETFs, particularly Blackrock’s IBIT, has contributed to the market’s excitement. This positive momentum hints at the possibility of an altcoin season.
Advertisement
The crypto industry has reached a market cap of $2.44 trillion, a level not seen since January 2022.
The growing inflow of funds into Bitcoin ETFs has played a crucial role in driving up the Bitcoin price and fueling the recovery of other sectors like NFTs and DeFi. The market-wide rally is a welcome relief for these spaces.
Bitcoin is on the verge of surpassing $69,000, which would make this February the second most bullish February after 2013. Starting the month around $42,500, the price has formed a large bullish engulfing candle on the monthly chart and is now trading well above $62,500. The trading volume boom supports the uptrend, and breaking through $60,000 indicates a longer rally. Bitcoin is now close to reaching a new all-time high.
Furthermore, with 99% of Bitcoin holders in profit, the price is just 10% away from its previous peak. If the uptrend continues beyond $69,000, the trend-based Fib level suggests the next target could be $72,289.
Bitcoin remains the dominant cryptocurrency, with a market price of $62,651.04 and a market cap of 51.12%. Ethereum follows with minimal growth, priced at $3,470.37 and capturing 16.92% of the market share. BNB, Solana, and XRP are also in the spotlight, showcasing notable gains.
The Bitcoin ETFs, particularly Blackrock’s IBIT, have become the focus of the current rally, attracting record-breaking inflows. IBIT alone pulled in $612 million in a single day, surpassing the previous day-one record of $655 million. This influx reflects the growing confidence among investors, as IBIT’s assets exceed $9 billion. The ETFs’ performance has been a significant catalyst for the current bull run, highlighting their pivotal role in the broader market dynamics.
Since January 11, 2024, the total net flow into Bitcoin ETFs has reached an impressive $7.4 billion, indicating a strong demand for Bitcoin exposure through traditional investment vehicles. The success of IBIT is not isolated; it represents a broader trend across Bitcoin Spot ETFs. The collective expansion experienced a net inflow of $673 million, setting a new record. However, the Grayscale Bitcoin ETF continues to see significant outflows.
These inflows into Bitcoin ETFs signify the increasing mainstream acceptance of Bitcoin as a legitimate asset class and are driving the current bull run. The momentum seen in these ETFs, especially IBIT, indicates robust investor optimism that could push the market to new heights.
The altcoin sector has seen a remarkable rally, with a 38% increase in market capitalization, excluding Bitcoin. The total market cap for altcoins is now close to $1.033 trillion, nearing its previous high of $1.707 trillion. Some altcoins have notably outperformed others, with JasmyCoin, Arweave, and Worldcoin leading the pack.
However, not all cryptocurrencies have shared in this month’s bullish sentiment. Starknet, Monero, and Astar have experienced declines. These setbacks highlight the risks and volatility within the crypto market, reminding investors to approach with caution.
The DeFi token market cap has surpassed $115 billion, indicating a strong recovery across the sector. The total value locked in DeFi protocols has also increased to $93.366 billion, a significant rise from the previous month. Smaller-cap tokens like ERC20, COTI, and Nervos Network have shown substantial gains, outpacing many others in the sector. However, Jupiter, UMA, and DeFiChain have experienced declines, emphasizing the market’s volatility and the varying fortunes of DeFi tokens.
The NFT market has seen fluctuations this month, with a decrease in sales volume. However, blockchain-specific sales volumes show signs of resurgence. Ethereum maintains its lead in the NFT space, followed by Bitcoin and Solana. The highest individual NFT sales have been dominated by Ethereum, with CryptoPunks and Bored Ape Yacht Club leading the way. These notable sales have contributed to the tentative recovery of the NFT market, indicating potential growth in the coming months.