Crypto volumes doubled in March, with market cap increasing, DeFi sector growing

From Investing.com: 2024-04-05 10:01:56

Cryptocurrencies experienced strong gains in March, with trading volumes nearly doubling to an all-time high. JPMorgan reported a 19% jump in market capitalization, showcasing continued growth even at a slower pace. DeFi sector expanded, especially on Ethereum Layer 2 solutions post-Dencun upgrade boosting Total Value Locked.

In March, trading volumes surged, aligning 2024’s first quarter performance with late 2023 data. Average Daily Volume for the crypto market rose by 87%. Regulatory focus in the U.S. intensified with actions against Coinbase and others, impacting market dynamics. SEC emphasized regulation through enforcement, influencing the industry.

The successful Dencun Upgrade on Ethereum on March 13 boosted the ecosystem’s capacity and reduced fees. Notably, TVL across various Layer 2 solutions increased, with Coinbase’s Base LP seeing growth. Bitcoin ETF inflows slowed in March, even as Bitcoin hit a new high. Mining profitability rose 33% due to price increases but is expected to dip in April due to a halving event.

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