While the past few months have been relatively bearish for the crypto space, the bulls emerged victorious in March as nearly every sector made up lost ground. The DeFi, Layer 1, and Metaverse sectors led the way with stellar gains in March, returning +27%, +18%, and +17%, respectively.

How did BTC, ETH and the NFT sector fare last month? The latest Kraken Intelligence report, shruggingTake a closer look at the events that shaped the crypto market in March.

The bulls returned to the charge

March turned out to be a less volatile month for cryptocurrencies than February. While the month started off with a drop for BTC, the bulls charged back in mid-March, posting a +3% return by the end of the month.

ETH posted even stronger gains, ending the month up 11%, although the asset saw slightly less trading volatility than BTC. Network activity on Ethereum remained stable over the course of the month as average gas fees remained flat month-over-month while the number of whales and total ETH they hold increased sharply, meaning that ETH price performance was most strongly associated with whale accumulation. than an increase in network activity.

NFT activity cooled

NFT markets slowed in March as the number of daily users and transactions fell 30% and 34%, respectively. Interestingly, volume fell by only 11% due to a compensating increase in average volume per transaction of 33%. This implies that high-value buyers are holding on as broader market activity cools, which is reflected in rising average prices for blue-chip collections.

Prominent NFT brands have also made big moves in March. The creators of the Bored Ape Yacht Club, Yuga Labs, announced the acquisition of the intellectual property rights to the popular CryptoPunks and Meebits NFT projects from Larva Labs.

Do you want to learn more about what happened and what is to come? Download the Kraken Intelligence report shrugging to understand what is moving the cryptocurrency market.

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This post March 2022 Market Summary & Outlook – Shrugging

was published first on https://blog.kraken.com/post/13581/march-2022-market-recap-and-outlook-shrugging-it-off/


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