Although crypto markets experienced high volatility throughout February, almost all sectors ended the month with positive returns. Privacy coins and BTC led the recovery, while the DeFi sector posted losses for another month.
The latest Kraken Intelligence report, moving sidewaysTake a closer look at how the cryptocurrency industry fared in February 2022.
BTC rises ahead of other currencies
February saw more market volatility than January, with BTC surging earlier in the month. These gains were short-lived as BTC was poised to close the month relatively flat before rising sharply on the last day of February. The price of BTC maintained its correlations with the Nasdaq and S&P 500, although its correlation with gold turned negative during the month. While ETH’s gains were modest throughout the month, ether’s volatility remained higher than bitcoin’s.
The First Bank Enters the Metaverse
Following January’s gains, the NFT sector contracted slightly but held steady for most of February. Big brands continued to enter the metaverse in February, with Fortune 500 companies McDonald’s and JPMorgan Chase entering the arena.
Want to learn more about the events that shaped the crypto industry in February? Download the Kraken Intelligence report moving sideways to understand how the market is reacting to events and what the whales have been up to.
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