Record above $73,000 for bitcoin followed by correction
On March 11, bitcoin broke the $70,000 mark, leading its rise above $71,000 and $72,000, while Ethereum hit $4,000, surpassing silver in market capitalization.
On March 13, bitcoin set a new all-time high above $73,000, but a correction occurred soon after. On March 15, the price fell below the $68,000 mark, and in some cases dipped even below $66,000. Most major altcoins also showed declines, with the exception of Solana.
Analysts at Glassnode noted that during the cryptocurrency rally above $70,000, many holders started selling their assets, locking in profits.
Historic Inflows into ETF Funds
On March 12, there was a historic infusion into bitcoin-based spot exchange traded funds, reaching $1.05 billion, a figure that surpassed February’s record of $673 million by 56%.
On the back of this growth, BlackRock continues to lead the ETF race, having already accumulated over 200,000 BTC in two months.
At the same time, Grayscale’s GBTC continues to experience outflows, with investors withdrawing around $78 million on March 12 alone.
Eric Balchunas, an analyst at Bloomberg, highlighted two key catalysts for future growth in this segment: the inclusion of large platforms in the list of spot bitcoin-ETF instruments and the approval of options based on them.
The Dencun upgrade is an excuse for an expected drop in fees
On the last day of the Ethereum core network, March 13, the development team successfully rolled out the Dencun (Deneb-Cancun) updаte.
The key aspect of this updаte is EIP-4844, which introduces a new feature called Proto-Danksharding. It is designed to improve network scalability by introducing a new transaction type to handle large amounts of binary data (BLOB).
While this major upgrade did not affect commissions on the Ethereum core network, it significantly reduced transaction costs for users of L2 solutions such as StarkNet, Base, Optimism, and zkSync.
The lowest fees were recorded on the Zora platform, where they amounted to just $0.0009.
Vitalik Buterin, co-founder of Ethereum, said the move signifies the achievement of “basic rollup scaling,” which is an important step in realizing the second phase of the Ethereum blockchain roadmap known as The Surge.
How to reach the $63,400 mark starting with only $4 in your pocket?
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The owner of Solana managed to make $63,400 in five hours, starting with a minimal investment in the WolfWifBallz meme coin.
During the March 10 event, the user spent just 0.025 SOL ($4) to purchase 4,367,218.49 BALLZ. Five hours later, he was able to sell his holdings for 428.15 SOL ($63,400) as a result of a sharp rise in the meme token’s price.
IntoTheBlock’s analysis found that the increased activity on the network caused by the meme-coin frenzy is benefiting Ethereum investors by rapidly reducing inflation, but could make the blockchain more difficult to use.
