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With a 63% surge in 30 days, Ether (COIN:ETHUSD) stands out in the crypto market, outpacing Bitcoin’s (COIN:BTCUSD) performance and nearing the $4,000 mark at the time of writing, a milestone not seen since December 2021.
Since Ethereum’s transition to the Proof of Stake (PoS) mechanism in September 2022, there has been a significant decrease in ETH supply. Over 540 days, the total supply of Ethereum decreased by 417,413 ETH, resulting from the burning of 1,509,991 ETH and the issuance of 1,092,578 ETH. This change has led to a negative annual inflation rate of -0.23%, reflecting potential deflationary effects for ETH compared to Bitcoin’s constant inflation. Comparison with a Proof of Work (PoW) simulation suggests that without the transition to PoS, the Ethereum supply would have increased significantly. In the simulation, if Ethereum had maintained the PoW model, the value of the 5.5 million ETH issued would have reached an impressive $21.865 billion, reflecting an inflationary scenario avoided with the transition to PoS.
Pepecoin (COIN:PEPEUSD) registers gains of up to 24% in the last 24 hours, while Shiba Inu (COIN:SHIBUSD) and Doge (COIN:DOGEUSD) rise by 6.3% and 3.5% respectively, driven by Ether’s advance towards $4,000. The meme coin sector, in general, saw an average increase of 8.6%, reflecting market optimism and the trend of using these coins as an indirect bet on Ethereum’s growth. This movement signals a bullish phase, with expectations of transitioning to altcoins with solid fundamentals.
Goldman Sachs (NYSE:GS) upgraded Coinbase’s (NASDAQ:COIN) rating from Sell to Neutral, influenced by Bitcoin’s (COIN:BTCUSD) record performance and the surge in trading volume, unseen since 2021. The bank also adjusted the price target from $170 to $282, reflecting moderate optimism in the future adoption of cryptocurrencies and Coinbase’s profit management.
JPMorgan Chase (NYSE:JPM) estimates that for Bitcoin (COIN:BTCUSD) to reach the same share of investment portfolios as gold, its market value would need to reach $3.3 trillion, doubling its current price. However, due to the cryptocurrency’s high volatility, about 3.7 times higher than gold, this parity seems unlikely. A risk-adjusted comparison suggests a more realistic market allocation of $0.9 trillion for Bitcoin, resulting in a token value of $45,000, below the current price.
On March 7th, Bitcoin ETFs witnessed a significant influx of around $473 million, representing approximately 7,000 BTC, according to BitMEX data. Fidelity’s ETF (AMEX:FBTC) led with a record $473 million in a day, raising its holdings to 120,000 BTC. Meanwhile, BlackRock’s ETF (NASDAQ:IBIT) recorded approximately $244 million in inflows, bringing its total net inflow to about $9.7 billion. This expanded its Bitcoin holdings to approximately 191,000 BTC. Other intermediate ETFs also saw considerable increases. Conversely, Grayscale Bitcoin Trust’s (AMEX:GBTC) ETF experienced outflows of $375 million. The newly approved Bitcoin ETFs in the United States are poised to surpass GBTC in terms of holdings. Currently, the nine ETFs hold 397,847 bitcoins, nearing GBTC’s 400,186.
Following the 2019 hack, New Zealand-based Cryptopia initiates the restitution of Bitcoin (COIN:BTCUSD) and Dogecoin (COIN:DOGEUSD) to eligible users. This first phase of restitution will occur over the next three months, following an approved plan after a recent court decision. Future distributions will include other significant cryptocurrencies by the end of 2024.
The United States plans to appeal a Montenegrin court decision that determined the extradition of Terraform Labs co-founder Do Kwon to South Korea. Kwon, involved in the collapse of Terra resulting in significant financial losses, was detained in Montenegro for possession of forged documents. The US Department of Justice expresses its intention to adhere to international extradition agreements, reaffirming its commitment to the rule of law.
Derivatives exchange Aevo initiates pre-market trading of its new token, scheduled for launch on March 13th. Operating on a Layer 2 network on Ethereum, Aevo stands out by offering pre-market trading of its own token, a potentially pioneering move in the crypto sector. Despite skepticism from some, Aevo prohibits employee trading in the pre-market and focuses on expanding platform awareness. The strategy includes pre-farming to boost the airdrop, with the community receiving a small portion of the total token supply.
The Optimism Foundation (COIN:OPUSD) concluded a private sale of 19.5 million OP tokens, raising approximately $90 million. The tokens, part of the unallocated treasury, are subject to a two-year lockup with governance delegation options. In the past week, the OP token has experienced notable appreciation, reaching a peak of $4.86 on March 6th, representing a growth of over 115% compared to the previous year. Additionally, there has been an increase of over 20.6% in just the last week and 34.74% in the last month. However, there has been a retracement in value in the last 24 hours, quoted at $4.43 at the time of writing. The OP token faces considerable selling pressure as the unlocking of 24.16 million tokens, equivalent to approximately $110.65 million, is scheduled by March 29th.
The valuation of the AI-linked crypto market recently surpassed $25.1 billion, reflecting global fascination with AI. Projects such as Internet Computer (COIN:ICPUSD), Bittensor (COIN:TAOBUST), The Graph (COIN:GRTUSD), Fetch (COIN:FETUSD), SingularityNet (COIN:AGIXUSD), and WorldCoin (COIN:WLDUSD) stand out with a growth of 150% in less than a month. The sector, driven by innovative initiatives and substantial investments in infrastructure, aligns with the upward trend in the crypto market, benefiting from renewed interest in cutting-edge technologies.
In less than two weeks since its inception, Ethena Labs has raised over $4 million for its treasury, reaching a significant milestone with its USDe stablecoin. Leveraging short selling of Ether futures to maintain its parity with the dollar, the project offered annualized yields exceeding 68%, raising its treasury to over $16 million. The strategy has positioned Ethena among the top revenue generators in the crypto market, standing out for innovation and high yields derived from future Ether funding rates.
Binance Labs, the investment arm of the giant Binance, selected seven innovative startups for investment after the 6th season of its incubation program. Among them are Ethena Labs, focusing on synthetic dollars, and Derivio, a decentralized derivatives exchange. The program, which began with 12 candidates, highlights Binance Labs’ commitment to nurturing the cryptocurrency and blockchain ecosystem, although not all incubated projects receive direct investment.
Oyl, backed by notable figures such as Arthur Hayes, is reshaping Bitcoin Ordinals trading with its browser-based wallet, facilitating direct exchange on the platform. With a $3 million funding round, Oyl aims to integrate Bitcoin infrastructure innovations, such as Metashrew, to drive the creation of protocol indexers. As the Bitcoin Ordinals market grows, Oyl positions itself at the forefront, offering a simplified solution for digital asset trading and management.
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